- Title: S&P ends flat, Nasdaq hits record high close
- Date: 10th January 2017
- Summary: CHICAGO, ILLINOIS, UNITED STATES (JANUARY 10, 2017) (REUTERS) (SOUNDBITE) (English) PIERSHALE FINANCIAL GROUP PRESIDENT, MIKE PIERSHALE, SAYING: "The markets are very, very close to the magic number 20,000. Even though the markets have been bouncing around, you know, I do believe that we are going to break through that barrier sometime very, very soon."
- Embargoed: 24th January 2017 21:24
- Keywords: Mike Piershale stocks Nasdaq banks trading NYSE Dow Trump economy
- Location: NEW YORK, NEW YORK, UNITED STATES; CHICAGO, ILLINOIS, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES; CHICAGO, ILLINOIS, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA0025YI1VNX
- Aspect Ratio: 16:9
- Story Text:The S&P 500 ended the day unchanged on Tuesday (January 10) as lower oil prices hurt energy stocks, offsetting advances in healthcare and financial sectors, while the Nasdaq ended at another record high.
The Dow's 20,000 milestone remained elusive as it was weighed down by declines in IBM, Merck & Co, Exxon Mobil and Procter & Gamble.
"The markets are very, very close to the magic number 20,000. Even though the markets have been bouncing around, you know, I do believe that we are going to break through that barrier sometime very, very soon." said Mike Piershale, president of Piershale Financial Group.
Traders were holding fire ahead of the upcoming corporate earnings season and the Jan. 20 inauguration after which they expect a better sense as to whether President-elect Donald Trump will fulfill campaign promises of fiscal stimulus, lower tax and lighter regulation.
The Dow Jones Industrial Average ended down 31.85 points, or 0.16 percent, at 19,855.53, the S&P 500 was unchanged at 2,268.9 and the Nasdaq Composite added 20.00 points, or 0.36 percent, to 5,551.82.
The S&P energy sector ended down 0.95 percent as oil futures fell 2 percent on doubts about output cuts.
Following a 9 percent jump in the S&P since Nov. 4, investors will also monitor earnings season, which starts this week, to assess if the record levels are justified.
S&P 500 companies are set to post their strongest quarterly growth in three years, with earnings estimated to have risen 5.8 percent in the fourth quarter, mainly driven by financials, according to Thomson Reuters I/B/E/S.
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