Published: Sat, July 15, 2017
Business | By Max Garcia

DJIA Today: Dow Jones Futures Add to Record-Setting Rally

DJIA Today: Dow Jones Futures Add to Record-Setting Rally

The stock market was moderately higher in afternoon trading Thursday, as the beaten-up retail sector led the market thanks to a rare bit of good news.

"There has been very much a hawkish theme throughout the course of this year and the much anticipated change in direction of interest rates perhaps giving the Federal Reserve reason to contemplate, to hold rates where they are for a little bit longer".

"Yesterday's move was in response to Yellen comments that should inflation remain below the 2 per cent target rate, the central bank will be less aggressive in their tightening program", said Sam Stovall, chief investment strategist at CFRA Research.

Aussie financials shot up 0.6 percent though their USA counterparts, which tend to benefit from higher rates, were last among sectors, closing up 0.1 percent.

The Dow rose to a record high close while US stocks kept their upward momentum on Wednesday following Yellen's comments.

Second quarter earnings are expected to increase 7.8 per cent from a year ago, after first-quarter earnings posted their best performance since 2011, according to Thomson Reuters I/B/E/S.

The blue-chip index rose 0.1% to close at 21,553.09, its second consecutive record high.

The Nasdaq composite outperformed the Dow and the S&P, rising 0.6 percent to close at 6,312.47.

Data showed United States producer prices unexpectedly rose in June. Ten-year German bond yields rose to 0.6 % overnight.

Data from the U.S. Labor Department showed jobless claims falling last week for the first time in a month.

The Beige Book also said prices continued to rise modestly in the majority of districts, although a few districts noted that price pressures had eased slightly. The news boosted other retailers, with Wal-Mart up 1.4% and Costco edging up 0.9%. On the Nasdaq, 1,721 issues fell and 1,046 advanced.

Declining issues outnumbered advancers on the NYSE by 1,462 to 1,364.

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