Dow hits a new record: 29000 points

Sunday, 12 Jan, 2020

Technology stocks rose 0.9%, the most among the major S&P sectors.

The Dow Jones Industrial Average .DJI fell 133.13 points, or 0.46%, to 28,823.77, the S&P 500 .SPX lost 9.35 points, or 0.29%, to 3,265.35 and the Nasdaq Composite .IXIC dropped 24.57 points, or 0.27%, to 9,178.86. Bond prices fell, sending yields higher. The dollar advanced, while oil fell below $60 a barrel in NY. AP's earlier story follows below.

Stocks have been on a multiday tear since the US and China said they would sign their preliminary trade pact - an obstacle that hung over the stock market for about two years. -Iranian armed conflict eased. All three indexes were on track to close at new highs. Shanghai and Hong Kong also advanced, while Wall Street futures pointed to gains on the open.

The attack was in retaliation for the United States killing of Iranian Gen. Qasem Soleimani.

USA stocks traded on an upbeat note Thursday as concerns over escalation of tensions in the Middle East were partly eased after President Donald Trump downplayed Iran's missile attack against US forces in Iraq. The FTSE 100 in London rose 0.3%. Germany's DAX returned 1.3%, and France's CAC 40 added 0.2%.

The Dow Jones Industrial Average on Friday crossed the 29,000 mark for the first time, as gains in technology and healthcare stocks offset concerns from a report showing slower-than-expected U.S. jobs growth in December.

Friday's report also showed the jobless rate holding near a 50-year low of 3.5 per cent and average hourly earnings rising 0.1 per cent in the previous month. India's Sensex rose 1.4% to 41,409.69.

"We must all work together toward making a deal with Iran that makes the world a safer and more peaceful place", Trump said.

Oil prices rebounded Thursday after first surging on news of the Iranian attack and then falling back once tensions appeared to be easing.

West Texas Intermediate crude oil, the USA benchmark, was 0.3 percent lower at $59.45 a barrel after plunging almost 5 percent the previous day.

West Texas Intermediate crude oil plunged 4.9 percent to $59.61 per barrel level after hitting an overnight high of $65.65. Meanwhile, Brent crude oil, the worldwide benchmark was little changed at $64.45 a barrel after Wednesday's steep slide.

Silver fell 23 cents to $17.86 per ounce, and copper fell 1 cent to $2.81 per pound.

Gold had a similar whipsaw day. The Nasdaq climbed 1.8% in its fifth consecutive week of gains. On Thursday it was down $8.20 at $1,552.

The Japanese yen weakened 0.4% to 109.51 per dollar.