Stock Market News For Jan 18, 2018
Zacks Investment Research | Jan 17, 2018 10:15PM ET
Strong earnings results led benchmarks to close in positive territory on Wednesday, with the Dow finishing above 26,000 for the first time. Moreover, all the three key U.S. indexes settled at new record highs after closing in the red on Tuesday. Additionally, in its Beige Book, the Fed provided an encouraging outlook about the U.S. economy, which in turn also boosted investor sentiment. Both the Dow and S&P 500 posted their best 11-trading day start for the first time in a year since 1987, following which bond yields and the U.S. dollar increased.
How the Benchmarks Fared?
The Dow Jones Industrial Average (DJI) increased 1.3%, or 321.65 points to close at 26,115.65. The S&P 500 rose 0.9% to close at 2,802.56. The tech-laden Nasdaq Composite Index closed at 7,298.28, gaining 1%. The fear-gauge CBOE Volatility Index (VIX) increased 3.2% to close at 12.03. A total of around 7.40 billion shares were traded on Wednesday, higher than the last 20-session average of 6.31 billion shares. Advancers outnumbered decliners on the NYSE by a 1.85-to-1 ratio. On Nasdaq, a 1.83-to-1 ratio favored advancing issues.
Upbeat Earnings From GS, BAC and USB Boost Sentiment
On the earnings front, several major banks like Goldman Sachs Group, Inc. (NYSE:GS) , Bank of America Corporation (NYSE:BAC) and U.S. Bancorp (NYSE:USB) reported better-than-expected earnings results. Goldman Sachs reported fourth-quarter earnings per share and revenues, which beat the respective Zacks Consensus Estimate. For full-year 2017, adjusted net income per share of $19.76 also surpassed the Zacks Consensus Estimate of $18.98. (Read More: Original post
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