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Dow at record again as banks lead rally

/ 07:51 AM December 07, 2016
The Wall Street entrance of the New York Stock Exchange. Global shares rose Wednesday, June 24, 2015, and Japan's benchmark hit an 18-year high, amid optimism about a bailout deal between Greece and its creditors. AP

Wall Street stocks rose Tuesday, Dec. 6, 2016, as the Dow set yet another record close, and financial shares continued to benefit from a post-election rally. AP

NEW YORK, United States — Wall Street stocks rose Tuesday as the Dow set yet another record close, and financial shares continued to benefit from a post-election rally.

Banking shares, one of the hottest sectors since the November 8 election, rallied on positive commentary about trading conditions from JPMorgan Chase and Bank of America at a banking conference. Bank of America, Goldman Sachs and Citigroup all rose more than one percent.

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“Financial stocks continue to be a major standout,” said Michael James, managing director of equity trading at Wedbush Securities. “This is the main driver of the market strength.”

The Dow Jones Industrial Average rose 0.2 percent to 19,251.78, its second straight record.

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“Financial stocks continue to be a major standout,” said Michael James, managing director of equity trading at Wedbush Securities. “This is the main driver of the market strength.”

The S&P 500 gained 0.3 percent to 2,212.23, narrowly missing a record, while the tech-rich Nasdaq Composite Index advanced 0.5 percent to 5,333.00.

Teva Pharmaceutical Industries dropped 5.4 percent as it announced Sigurdur Olafsson was stepping down as head of the generics group, a move that surprised analysts.

Chipotle Mexican Grill slumped 7.6 percent as co-chief executive Steve Ells expressed disappointment about the company’s sales recovery after E. coli problems over the last year. Ells told an investor conference he was dissatisfied with the recovery, Bloomberg reported.

Alaska Air Group gained 2.0 percent after the Justice Department approved its $4 billion acquisition of Virgin America, but required it to scale back a route-sharing alliance with American Airlines. Virgin America advanced 0.6 percent.

Boeing finished up 0.1 percent, shrugging off early weakness after President-elect Donald Trump called for the cancelation of the aerospace giant’s multi-billion dollar contract to build the next Air Force One due to ballooning costs. Boeing said it would work with the US Air Force to “deliver the best planes for the president at the best value for the American taxpayer.” CBB

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TAGS: Bank of America, Business, Dow Jones, JPMorgan Chase, NASDAQ, s&p 500
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