Asian Stocks Climb on Strong Dow Close, US Service Report

It hit a record high of 19,592.95 - its 10th since the Nov.8 election. While stocks traded lower overall last week, banks are on a four-week winning streak since the election. Wall Street is hopeful that the Trump administration will offer policies that stimulate economic growth.

The small cap Russell 2000 .RUT index also hit a record high.

The Nasdaq Composite Index gained 1.1% to 5393.76 while Standard & Poor's 500 Index surged 1.3%, also to a new high. On Wednesday the S&P 500 rose 1.3% to a fresh record high close of 2,241.35, its biggest one-day gain since November 7, while the Dow Jones Industrial Average rose 1.6%, adding almost 300 points to hit a record closing high of 19,549.62.

At the close, the Dow Jones Industrial Average rocketed 297.84 points, or 1.55% to 19,549.62, the biggest one-day rise since Donald Trump was elected to the White House.

The market bellwether S&P 500 closed up 0.2% at 2246, off its record high during the day, and led by Edwards Lifesciences Corp (NASDAQ:EW), up 6.7% to $89.30. Cote said his price target for 2016 was 2250.

U.S. stocks optimistic ahead of European Central Bank meeting.

"In the United Kingdom but also more broadly, people are rotating into financials on expectations of higher inflation and higher yields", said Jasper Lawler, senior market analyst at London Capital Group, adding that the European Central Bank could help to support the sector when it meets on Thursday. Azzarello said investors expect that trend to continue.

While the ECB said its asset purchase program is being extended longer than anticipated, the bank also said it will slow the pace of purchases.

"Things were already improving before the election", Jeremy Zirin, chief equity strategist at UBS Wealth Management Americas, told the Wall Street Journal.

One area of volatility for the market on Thursday was in currencies.

Status quo in CFP rankings this week -- but chaos still could ensue
Fivethirtyeight.com gives the Badgers an 86 percent chance to make the playoff if they win their final two games. As a result, the Wolverines may have a tough time scoring against OSU's fourth-ranked defense in the country.

The euro initially gained against the dollar, but quickly reversed course.

ENERGY: Benchmark U.S. crude rose 10 cents to $51.03 in electronic trading on the New York Mercantile Exchange.

BONDS: U.S. government bond prices recovered from a sharp drop earlier in the day and were little changed in afternoon trading. A stronger dollar can serve as a drag for the domestic economy, eroding revenue for companies selling products overseas.

While reports on consumer sentiment and wholesale inventories are due to be released on Friday, traders may be reluctant to make significant moves ahead of next week's Federal Reserve meeting.

KEEPING SCORE: European shares opened generally higher. Visit MarketWatch.com for more information on this news.

Shares of Tailored Brands Inc.

Express Scripts plunged 6.6 per cent after it was targeted by short seller Citron Research, which accused it on Twitter of price gouging and called on Trump to take action against the pharmacy benefit manager. Similarly, shares of CVS Health Corp.(CVS) fell 3%. Shares jumped in response.

Data on initial jobless claims for the latest week is schedule for release at 8:30 a.m. ET.

The Fed has entered a self-imposed blackout period until its news conference on Dec.14.


Popular
  • ACC Championship: Opposing coaches almost worked together

    ACC Championship: Opposing coaches almost worked together

    Watson and Scott were consensus first-team all-conference picks previous year , and Gallman was on the coaches' first-team ballot. Q: If Virginia Tech's going to pull this off, what must happen? Now the Hokies get to face Clemson in the ACC Championship Game.
    In College Football Playoff Ranking

    In College Football Playoff Ranking

    The top 4 teams that will comprise the Playoff Semifinalists will be announced at noon on December 4. 3 p.m. or 7 p.m. The Sooners won last year's meeting, but Oklahoma State win in overtime the last time they played in Norman.
    NC Elections Board Grants GOP Request For Recount In Durham County

    NC Elections Board Grants GOP Request For Recount In Durham County

    Republicans initially wanted the Durham ballots recounted by hand, although they later said a machine recount would be sufficient. If a recount isn't granted in the county, they've threatened to call for a statewide recount of the Governor's race.
  • Stafford throws for 341 yards, Lions beat Saints 28-13

    Stafford throws for 341 yards, Lions beat Saints 28-13

    Drew Brees let a shotgun snap sail through his hands for a 22-yard loss on the New Orleans Saints' third play against Detroit . Somehow, they managed to come back and win seven of those games - an outcome that had a 0.0025 percent chance of happening.

    China says Trump clear about Taiwan, in touch with his team

    This includes the preparation of derivative works of, or the incorporation of such content into other works. In practice, the island enjoys numerous trappings of a full diplomatic relationship with the US.

    Market Currents: OPEC deal still in the balance

    If OPEC agreed a production cut to 32.50 million bpd, crude prices would likely rise to the low $50s a barrel, Goldman said. In addition, OPEC doesn't have the authority to make members comply with their production assignments.
  • Raiders score 29 straight points to rally past Bills

    But being a student of the Bills recent sorry history I don't see that happening. "It's an exciting time in Oakland", Carr said. Malcolm Smith leads the Oakland Raiders with 72 tackles, Khalil Mack has 10 sacks and Reggie Nelson has three interceptions.

    Thanksgiving, Black Friday sales up 9 percent

    Penney Co Inc and Macy's Inc were among department stores that had more promotions this year, Deutsche Bank analysts said. Amazon .com, which again stepped up its holiday push, said orders were stronger on this year's Black Friday than last.

    OPEC makes last-ditch bid to save oil deal as tensions grow

    President-elect Donald Trump has promised to reduce restrictions on shale oil, which would further increase global supply. The refined price is more expensive than the crude price, but it does tend to move up or down in line with crude oil.
  • Police may seek arrests over Penn State celebration, damage

    And Penn State did get blown out by MI and lost narrowly to Pittsburgh, though Clemson also fell to the confounding Panthers. Alabama will play Washington and Ohio State is set to face Clemson in the College Football Playoff semifinals.
    Hideo Kojima's new Death Stranding trailer is just as weird as before

    Hideo Kojima's new Death Stranding trailer is just as weird as before

    However, since he left Konami, we were eager to see the return of Hideo Kojima - creator of the Metal Gear franchise. At the end of the trailer, it was confirmed that Mads Mikkelsen will also appear in the game.

    35th Annual World AIDS Day

    Now those living with the virus that causes AIDS are hopeful for a cure one day. The drug works a lot like birth control preventing pregnancy.

CONNECT