Dow Hits 26000 for First Time as Trump Market Rally Makes History


U.S. market trade was bolstered by corporate releases such as from Citigroup Inc (NYSE:C), which put on 1.34% to US$77.81 in early deals. Hopes of strong quarterly earnings, supported by a steep cut in corporate taxes, and solid global economic growth have bolstered optimism at the start of 2018.

The S&P 500 was up 18.09 points, or 0.65 percent, at 2,804.33 and the Nasdaq Composite was up 62.08 points, or 0.85 percent, at 7,323.14.

On Friday, stocks booked their second-straight week of gains and ended at record levels. The Russell 2000 index of smaller-company stocks gave up 13 points, or 0.8 percent, to 1,578.

Merck jumped 7 per cent and chipmaker Qualcomm gained 3.3 per cent.

Provident financial however fell 12.6 per cent after it said it expected to report a loss of about 120 million pounds ($A207.9 million) at its consumer credit division - the upper end of its guidance.

Among Bay Area stocks that make up the Dow's 30 companies, Apple rose Tuesday by nearly 0.2 percent, to $177.27 a share, giving it a market capitalization of nearly $902 billion.

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The S&P energy index fell 0.3 percent as oil prices pulled back from recent highs, with Brent crude dipping 1.07 percent to $69.51 per barrel.

Interest rate-sensitive banks propped up the FTSE, but the downward pressure from oil and mining shares grew through the rest of the session, pulling the index into the red. The advance helped lift exporter shares in Asia, with Japan's Nikkei hitting its highest since 1991.

Glenveagh Properties rose 0.7 per cent to €1.24 on a day when it announced four senior management appointments.

The Standard & Poor's 500 index climbed 15 points, or 0.6 per cent, to 2,801.

The top gainer on Hang Seng was Hong Kong Exchanges and Clearing Ltd up 5.43 per cent, while the biggest loser was AAC Technologies Holdings Inc which was down 3.66 per cent. The pace at which the Dow has climbed lately looks even more impressive when considering that the Dow's previous record for a 1,000-point gain was 23 trading days between November 30, 2017 and January 4, 2018. Building materials group CRH fell 0.6 per cent to €30.19, while food company Kerry was down 0.4 per cent at €89.50.