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Manila Bulletin devider devider Nasdaq ends over 7,000 for 1st time, S&P 500 also hits new record

Nasdaq ends over 7,000 for 1st time, S&P 500 also hits new record

Published Jan 3, 2018 12:00 am
By AFP New York – Wall Street opened 2018 on a winning note Tuesday, bidding Nasdaq to its first-ever close above 7,000 points following a rally in technology shares. At the closing bell, the tech-rich Nasdaq Composite Index had jumped 1.5 percent to end the first session of the year at 7,006.90. The S&P 500 also notched a fresh record, gaining 0.8 percent to close at 2,695.79, while the Dow Jones Industrial Average rose 0.4 percent to 24,824.01, about 13 points below its all-time record. The year’s buoyant start suggested the turning of the calendar has not altered the bullish sentiment that propelled the market to dozens of records in 2017 amid improving earnings and anticipation of a US tax cut plan that President Donald Trump signed into law in December. “As long as the economic data suggests improvement, the companies will see more funds from investors,’’ said Quincy Krosby, chief market strategist at Prudential Annuities. Key US data releases this week include auto sales and the employment report for December.
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