Dow hits 26000 points but loses early gains

Dianna Christensen
January 17, 2018

Citigroup may have made virtually no earnings for the fourth quarter as a result of the hefty tax charge but its share price rose at open before paring gains to +0.66%. 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.

First Hawaiian Bank reduced its position in SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) by 15.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The Dow gave up most of its advance that had taken the blue-chip index above 26,000 for the first time.

Stocks have picked up where they left off in 2017, with investors piling into the market as Wall Street analysts are boosting their projections of how much money USA companies will make this year after Congress slashed the corporate tax rate late last year to 21% from 35%.

The broader based S&P 500 is up 19 points at 2,805, while the tech heavy Nasdaq index is ahead by over 64 at 7,325.

The pan-European FTSEurofirst 300 index lost 0.09 percent and MSCI's gauge of stocks across the globe gained 0.19 percent.

Giants acquire former MVP Andrew McCutchen
The 2013 National League Most Valuable player is coming off a season in which he slugged 28 home runs and drove in 88 runs. For the second time this offseason, the San Francisco Giants have traded for an established major league all-star .

Titans head coaching job a new lure for Patriots OC Josh McDaniels
He has missed plenty of games over the last few years with a bevy of injuries, ranging from a torn labrum to a lacerated kidney. Colts fans have to love the success that he was able to have with Tebow given that he is much less talented than Luck.

Conte speaks on signing Leicester City's Jamie Vardy
It's important for us of course to keep our best players. Puel said: "Riyad likes football". He is happy with his team-mates.

"Not only is the US coming off a strong quarter, but the new tax reform measures are continuing to provide a boost, with investors keen to hear more about what impact this will have on future earnings", said Craig Erlam, senior market analyst at online foreign exchange broker Oanda. S., with Merck up 6.5 percent and UnitedHealth up 2.3 percent. On the Nasdaq, 1,958 issues rose and 673 fell.

SPDR Dow Jones Industrial Average ETF (DIA) traded up $1.25 during mid-day trading on Tuesday, reaching $259.16.

USA crude -West Texas Intermediate - is down 0.28% to US$64.12 a barrel, while the gold price is down 0.04% to US$1,334.40 an ounce. Range Resources was down 65 cents, or 3.7 percent, to $16.93. Cadinha & Co. LLC now owns 90,798 shares of the exchange traded fund's stock valued at $20,322,000 after purchasing an additional 89,005 shares in the last quarter.

USA markets were closed on Monday due to the Martin Luther King holiday. The yield on the 10-year Treasury fell to 2.54 percent from 2.55 percent late Friday.

Bitcoin tumbled 18 percent to a four-week trough close to $11,000, after reports that a ban on trading of cryptocurrencies in South Korea was still an option. The blue chip FTSE 100 index ended down 0.28 per cent.

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