MARKET SNAPSHOT: Dow, S&P 500 March Toward Fresh Highs As Oil Trades Above $51
June 08 2016 - 10:15AM
Dow Jones News
By Ellie Ismailidou and Carla Mozee, MarketWatch
Analysts looking at the 18,000 psychological level for the
Dow
The Dow Jones Industrial Average climbed Wednesday to top the
psychologically important 18,000 level as stocks extended gains
from the past two sessions.
A continued rally in crude-oil prices, which jumped above $51 a
barrel and a weaker dollar, hovering around a one-month low,
supported early buying appetite
The S&P 500 gained 7 points, or 0.3%, to 2,119, moving less
than 1% off its record of 2,130.82, set May 21, 2015.
Gains were led by energy and industrial shares, up 0.8% and 0.6%
respectively. The only three sectors in negative territory were
telecom, health-care and consumer-staples, all three of which are
traditionally viewed as safety plays, implying that demand for
risky assets is accelerating among stock investors.
The Dow added 69 points, or 0.4%, to 18,007, led by a 1.6% rise
in shares of Caterpillar Inc.(CAT) and a 1% gain in Boeing
Co.(BA).
Analysts were focusing on the 18,000-point level as a
significant technical indicator for the Dow, after the blue-chip
gauge briefly broke above that level Tuesday for the first time
since April.
Meanwhile, the Nasdaq Composite was up 13 points, or 0.3%, at
4,974.
(END) Dow Jones Newswires
June 08, 2016 10:00 ET (14:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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