Finance
Dow rallies to first all-time high since January
Stocks surged to record highs Thursday as markets shook off
escalating trade tensions around the globe. The Dow Jones
industrial average hit a fresh peak for the first time since
January. The dollar slipped to its
lowest level since August, and Treasury yields jumped.
Here’s the scoreboard:
Dow Jones industrial
average: 26,657.25 +251.49 (0.95%)
S&P
500: 2,931.84 +23.89 (0.82%)
Nasdaq
Composite: 8,028.23 +78.19
(0.98%)
- As threats to exclude Canada loom, NAFTA talks drag
on. Meeting for a second day, US Trade
Representative Robert Lighthizer and Canadian Foreign Minister
Chrystia Freeland were expected to discuss sticking points like
dairy-market access and how trade disputes should be settled.
President Donald Trump recently said the US could move forward
solely with Mexico if Canada doesn’t make concessions. - Marking the first year-over-year increase since 2015,
US
housing supply rose nearly 3% in August.
Meanwhile, existing-home sales flattened last month at a
seasonally adjusted annual rate of 5.34 million units, the
National Association of Realtors said, down more than 1% from a
year earlier. - Household wealth hit record levels in the US, remaining
skewed to the most affluent. Rising more
than 2% between April and June to a peak of $106.9 trillion,
according to the Federal Reserve, the figure offers another
signal of a humming economy and stock market. But it doesn’t
reflect the experiences of most American households,
the Associated Press reports. - Trump took aim at the Organization of Petroleum
Exporting Countries for energy costs, demanding on Twitter the
cartel “get
prices down now!” Oil prices have remained close
to four-year highs as countries prepare for US sanctions
against Tehran that will effectively cut off Iranian production
for much of the world. Crude prices shed 1% following the
tweet, which added Middle Eastern countries “would
not be safe for very long” without the US.
And a look at the upcoming economic calendar:
- Canada releases data on consumer prices and retail
sales. - Factory activity numbers are out in Germany and France.
- OPEC and Russia meet to discuss coordinated oil production
levels.
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