NEW YORK, Jan 17 — Wall Street opened higher today, with the Dow again poised to cross the 26,000-point threshold amid a fresh wave of earnings reports from major financial firms.
Along with the mixed performance among major banks before the open, the Federal Reserve reported a jump in US factory output, which in 2017 saw its biggest annual increase in seven years.
About 10 minutes into the day’s trading, the blue-chip Dow Jones Industrial Average was flirting with the 26,000 mark at 25,899.81, up 0.4 per cent from yesterday’s close.
The broader S&P 500 added 0.2 per cent to reach 2,783.08, while the tech-heavy Nasdaq was up 0.3 per cent at 7,243.68.
The bullish start to the day followed Tuesday’s sharp reversal, when an early rally sent the Dow over 26,000 for the first time but later fizzled as falling oil prices and political jitters in Washington took the wind out of investors’ sails.
“Investors haven’t been discouraged by the defeat, though,” said Briefing.com. “Rather they look poised to take another shot this morning.”
Goldman Sachs fell 1.6 per cent after reporting a 50 per cent drop in revenues due to currency, fixed income and commodities trading, as well as $4.4 billion in charges related to last month’s US tax overhaul — leading to its first quarterly loss in six years.
Bank of America was down 1.4 per cent after reporting a quarterly earnings beat expectations, despite a hefty one-time charge tied to the new tax bill.
Many firms have reported similar fourth quarter hits to earnings due to the tax reform, but expect to benefit from the changes in the months ahead.
High-end jeweler Tiffany & Co rose 0.6 per cent after raising annual earnings forecasts on the back of strong holiday sales. — AFP
http://www.themalaymailonline.com/money/article/dow-takes-renewed-aim-at-26000-as-wall-street-opens-higher
