In the biggest fall in its history, <a href="http://www.wionews.com/world/asian-markets-plunge-as-wall-street-rout-spreads-31927">the &nbsp;Dow Jones Industrial Average</a> fell nearly 1,600 points at one point as Wall Street experienced a bloodbath on Monday.

The Dow&#39;s gains for 2018 were erased in a matter of hours as 4.6 per cent was wiped off the value of America&#39;s 30 largest companies as it closed at 24,345.75 ending down 1,175.21 points down.

The Dow fell over fears of Treasury bond yields and the likelihood of &nbsp;Federal Reserve interest rate hikes this year as the US economy strengthens.

The benchmark S&amp;P 500 index also saw selling pressure as all sectors, were hit. It was down 5.0 per cent which was the biggest daily percentage decline, followed by healthcare, down 4.6 per cent.

The S&amp;P 500 lost 113.19 points, or 4.10 per cent, to end at 2,648.94 on Monday.&nbsp;

&quot;It looks to me like a typical type of scenario when you see a single stock flash crash where you&#39;ll see bids just disappear, stop orders get kicked,&quot; said Joe Saluzzi, co-manager of trading at Themis Trading told Reuters.

The Nasdaq Composite also dropped 273.42 points, or 3.78 per cent to 6,967.53.

The Dow fell over fears of Treasury bond yields and the likelihood of Federal Reserve interest rate hikes this year as the US economy strengthens.

In the biggest fall in its history, the Dow Jones Industrial Average fell nearly 1,600 points at one point as Wall Street experienced a bloodbath on Monday. The Dow's gains for 2018 were erased in a matter of hours as 4.6 per cent was wiped off the value of America's 30 largest companies as it closed at 24,345.75 ending down 1,175.21 points down. The Dow fell over fears of Treasury bond yields and the likelihood of Federal Reserve interest rate hikes this year as the US economy strengthens. The benchmark S&P 500 index also saw selling pressure as all sectors, were hit. It was down 5.0 per cent which was the biggest daily percentage decline, followed by healthcare, down 4.6 per cent. The S&P 500 lost 113.19 points, or 4.10 per cent, to end at 2,648.94 on Monday. "It looks to me like a typical type of scenario when you see a single stock flash crash where you'll see bids just disappear, stop orders get kicked," said Joe Saluzzi, co-manager of trading at Themis Trading told Reuters. The Nasdaq Composite also dropped 273.42 points, or 3.78 per cent to 6,967.53.

Wall Street crash: Dow Jones plunges to historic low, S&P 500 & Nasdaq hit

Benchmarks buckled under heavy selling pressure today as wary investors pocketed gains in recent winners ahead of the Union Budget amid lacklustre global leads.

The BSE Sensex sank about 250 points to end at 36,033.73, while the broader NSE Nifty dropped 80 points to 11,049.65.

Brokers said investors took money off the table and held back fresh bets ahead of the Union Budget on February 1.

Market sentiment was also impacted as other Asian markets retreated from record highs, tracking overnight meltdown at the Wall Street after a sell-off in Apple shares.

Investors were also cautious ahead of the US Federal Reserve&#39;s two-day monetary policy meeting beginning today.

The 30-share Sensex, after opening a shade lower at 36,277.12, continued its slide to crack the 36,000-mark and hit a low of 35,993.41 during the day. It finally settled at 36,033.73, down 249.52 points, or 0.69 per cent.

The index had gained 232.81 points yesterday and closed at a record high of 36,283.25.

The Nifty too closed lower by 80.75 points, or 0.73 per cent, at 11,049.65 after hitting a low of 11,033.90.

It had ended at a lifetime high of 11,130.40 yesterday.

&quot;Market slid followed by weaknesses in global markets while investors are likely to utilise the correction as improving domestic macros coupled with earnings growth will benefit in the long run.

&quot;The upcoming US Fed policy and India budget will remain the near term catalyst,&quot; said Vinod Nair, Head of Research, Geojit Financial Services.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 291.86 crore on net basis while domestic institutional investors (DIIs) also picked up equities to the tune of Rs 90.08 crore yesterday, provisional data showed.

Asian Paints was the worst performer among the Sensex components by falling 2.22 per cent, followed by Kotak Mahindra Bank at 2.20 per cent.

Other laggards were Axis Bank, Dr Reddy&#39;s, Adani Ports, Reliance Industries, Wipro, ICICI Bank, TCS, Yes Bank, HDFC Ltd, Infosys, Tata Steel, Tata Motors, Maruti Suzuki, NTPC, ONGC, Bajaj Auto, Bharti Airtel, ITC and HDFC Bank.

Bucking the trend, Coal India, Hero MotoCorp, Sun Pharma, SBI, IndusInd Bank, HUL and Power Grid finished with gains of up to 1.71 per cent.

Reliance Communications soared 10.46 per cent after the company reported narrowing of consolidated loss to Rs 130 crore for the quarter ended December 2017.

Sector-wise, the BSE consumer durables index was the weakest of the lost, dropping 1.74 per cent, followed by IT 1.07 per cent, teck 1.02 per cent, bankex 0.85 per cent, realty 0.80 per cent, metal 0.63 per cent, healthcare 0.61 per cent, infrastructure 0.56 per cent, auto 0.48 per cent, capital goods 0.36 per cent and FMCG 0.33 per cent.

Oil &amp; gas and PSU indices managed to close in the green.

The broader markets continued to face selling pressure, which pulled down the small-cap index by 1.34 per cent and mid-cap by 0.67 per cent.

Overseas, European stocks were trading lower following sharp losses in Asian bourses and on Wall Street. Key indices like Frankfurt&#39;s DAX was down by 0.35 per cent, while Paris CAC 40 shed 0.19 per cent in their late morning deals. London&#39;s FTSE fell 0.42 per cent.

In Asia, Japan&#39;s Nikkei fell 1.43 per cent and Hong Kong&#39;s Hang Seng slipped 1.09 per cent, while Shanghai Composite Index dropped 0.99 per cent.

The BSE Sensex sank about 250 points to end at 36,033.73, while the broader NSE Nifty dropped 80 points to 11,049.65

Benchmarks buckled under heavy selling pressure today as wary investors pocketed gains in recent winners ahead of the Union Budget amid lacklustre global leads. The BSE Sensex sank about 250 points to end at 36,033.73, while the broader NSE Nifty dropped 80 points to 11,049.65. Brokers said investors took money off the table and held back fresh bets ahead of the Union Budget on February 1. Market sentiment was also impacted as other Asian markets retreated from record highs, tracking overnight meltdown at the Wall Street after a sell-off in Apple shares. Investors were also cautious ahead of the US Federal Reserve's two-day monetary policy meeting beginning today. The 30-share Sensex, after opening a shade lower at 36,277.12, continued its slide to crack the 36,000-mark and hit a low of 35,993.41 during the day. It finally settled at 36,033.73, down 249.52 points, or 0.69 per cent. The index had gained 232.81 points yesterday and closed at a record high of 36,283.25. The Nifty too closed lower by 80.75 points, or 0.73 per cent, at 11,049.65 after hitting a low of 11,033.90. It had ended at a lifetime high of 11,130.40 yesterday. "Market slid followed by weaknesses in global markets while investors are likely to utilise the correction as improving domestic macros coupled with earnings growth will benefit in the long run. "The upcoming US Fed policy and India budget will remain the near term catalyst," said Vinod Nair, Head of Research, Geojit Financial Services. Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 291.86 crore on net basis while domestic institutional investors (DIIs) also picked up equities to the tune of Rs 90.08 crore yesterday, provisional data showed. Asian Paints was the worst performer among the Sensex components by falling 2.22 per cent, followed by Kotak Mahindra Bank at 2.20 per cent. Other laggards were Axis Bank, Dr Reddy's, Adani Ports, Reliance Industries, Wipro, ICICI Bank, TCS, Yes Bank, HDFC Ltd, Infosys, Tata Steel, Tata Motors, Maruti Suzuki, NTPC, ONGC, Bajaj Auto, Bharti Airtel, ITC and HDFC Bank. Bucking the trend, Coal India, Hero MotoCorp, Sun Pharma, SBI, IndusInd Bank, HUL and Power Grid finished with gains of up to 1.71 per cent. Reliance Communications soared 10.46 per cent after the company reported narrowing of consolidated loss to Rs 130 crore for the quarter ended December 2017. Sector-wise, the BSE consumer durables index was the weakest of the lost, dropping 1.74 per cent, followed by IT 1.07 per cent, teck 1.02 per cent, bankex 0.85 per cent, realty 0.80 per cent, metal 0.63 per cent, healthcare 0.61 per cent, infrastructure 0.56 per cent, auto 0.48 per cent, capital goods 0.36 per cent and FMCG 0.33 per cent. Oil & gas and PSU indices managed to close in the green. The broader markets continued to face selling pressure, which pulled down the small-cap index by 1.34 per cent and mid-cap by 0.67 per cent. Overseas, European stocks were trading lower following sharp losses in Asian bourses and on Wall Street. Key indices like Frankfurt's DAX was down by 0.35 per cent, while Paris CAC 40 shed 0.19 per cent in their late morning deals. London's FTSE fell 0.42 per cent. In Asia, Japan's Nikkei fell 1.43 per cent and Hong Kong's Hang Seng slipped 1.09 per cent, while Shanghai Composite Index dropped 0.99 per cent.

Sensex, Nifty tumble from record highs ahead of Budget

The BSE Sensex soared to life-time high of 34,331.85 and the NSE Nifty crossed the 10,600 level for the first time in early trade today on strong gains in pharma, IT and banking stocks amid optimism over quarterly earnings by corporates.

Asian markets trading with gains after more records on Wall Street influenced the trading sentiment here.

The 30-share Sensex soared by 178 points, or 0.52 per cent, to 34,331.85 points, breaching its previous record high (intra-day) of 34,188.85 hit on January 5.

The gauge had gained 360.47 points in the previous two sessions.

All the sectoral indices, led by realty, healthcare and infrastructure were trading in the positive zone, rising up to 1.52 per cent

Major gainers that helped both the key indices to scale new highs were Sun Pharma, Yes Bank, Dr Reddy&#39;s, L&amp;T, Infosys, HDFC Ltd, Power Grid, ONGC, Coal India, ICICI Bank, Indusind Bank, Hero MotoCorp, Tata Steel and Tata Motors, gaining up to 3.72 per cent.

The 50-issue Nifty crossed the 10,600 level for the first time by gaining 46.95 points, or 0.44 per cent, to trade at an all-time high of 10,605.80 surpassing its previous intra-day high of 10,566.10 touched on January 5.

Among 50 Nifty scrips, 42 were trading with gains, led by pharma stocks.

Sentiment remained upbeat on sustained capital inflows and widespread buying by retail investors amid expectations of encouraging third quarterly earnings, to be announced this week, brokers said.

Among Asian markets, Hong Kong&#39;s Hang Seng index was up 0.01 per cent while Shanghai Composite Index rose 0.39 per cent. Financial markets in Japan are closed today for a public holiday.

The US Dow Jones Industrial Average ended 0.88 per cent higher in Friday&#39;s trade.

Asian markets trading with gains after more records on Wall Street influenced the trading sentiment

The BSE Sensex soared to life-time high of 34,331.85 and the NSE Nifty crossed the 10,600 level for the first time in early trade today on strong gains in pharma, IT and banking stocks amid optimism over quarterly earnings by corporates. Asian markets trading with gains after more records on Wall Street influenced the trading sentiment here. The 30-share Sensex soared by 178 points, or 0.52 per cent, to 34,331.85 points, breaching its previous record high (intra-day) of 34,188.85 hit on January 5. The gauge had gained 360.47 points in the previous two sessions. All the sectoral indices, led by realty, healthcare and infrastructure were trading in the positive zone, rising up to 1.52 per cent Major gainers that helped both the key indices to scale new highs were Sun Pharma, Yes Bank, Dr Reddy's, L&T, Infosys, HDFC Ltd, Power Grid, ONGC, Coal India, ICICI Bank, Indusind Bank, Hero MotoCorp, Tata Steel and Tata Motors, gaining up to 3.72 per cent. The 50-issue Nifty crossed the 10,600 level for the first time by gaining 46.95 points, or 0.44 per cent, to trade at an all-time high of 10,605.80 surpassing its previous intra-day high of 10,566.10 touched on January 5. Among 50 Nifty scrips, 42 were trading with gains, led by pharma stocks. Sentiment remained upbeat on sustained capital inflows and widespread buying by retail investors amid expectations of encouraging third quarterly earnings, to be announced this week, brokers said. Among Asian markets, Hong Kong's Hang Seng index was up 0.01 per cent while Shanghai Composite Index rose 0.39 per cent. Financial markets in Japan are closed today for a public holiday. The US Dow Jones Industrial Average ended 0.88 per cent higher in Friday's trade.

Sensex at new high on fund inflows; Nifty above 10,600

Wall Street&nbsp;senior director&nbsp;Rohina Bhandari bled to death in a shark attack while scuba diving off the coast of Costa Rica, the country&#39;s Environment Ministry officials said.

Rohina Bhandari, who was identified by her friends&nbsp;after the attack, was scuba diving with a&nbsp;tourist&nbsp;group of 18 people on the island trip organised by Undersea Hunter Group.

Bhandari&#39;s&nbsp;diving instructor, who was also&nbsp;badly injured, said that she was dragged from the Pacific ocean after suffering severe bites on&nbsp;her legs but could not be saved.

The instructor, who is now&nbsp;stable,&nbsp;told officials that the shark attacked his group while they were surfacing at the end of the dive in waters close to Cocos Islands about 300 miles from the country&#39;s mainland, Telegraph.co.uk reported.

The shark was first noticed by the instructor who tried to scare the shark away but later it swam to Bhandari and attacked her leg, media reports said.

The Environment Ministry said the attack was the most serious one it had seen.

The shark that attacked the group was Tiger shark often found around Pacific Islands.

Bhandari was a senior director at WL Ross &amp; Co&nbsp;LL, a firm founded by Commerce Secretary Wilbur Ross, and often attended New York City charity events.

Several friends&nbsp; expressed their grief on Facebook.

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Rohina Bhandari was scuba diving with the tourist group of 18 people on the island trip organised by Undersea Hunter Group.

Wall Street senior director Rohina Bhandari bled to death in a shark attack while scuba diving off the coast of Costa Rica, the country's Environment Ministry officials said. Rohina Bhandari, who was identified by her friends after the attack, was scuba diving with a tourist group of 18 people on the island trip organised by Undersea Hunter Group. Bhandari's diving instructor, who was also badly injured, said that she was dragged from the Pacific ocean after suffering severe bites on her legs but could not be saved. The instructor, who is now stable, told officials that the shark attacked his group while they were surfacing at the end of the dive in waters close to Cocos Islands about 300 miles from the country's mainland, Telegraph.co.uk reported. The shark was first noticed by the instructor who tried to scare the shark away but later it swam to Bhandari and attacked her leg, media reports said. The Environment Ministry said the attack was the most serious one it had seen. The shark that attacked the group was Tiger shark often found around Pacific Islands. Bhandari was a senior director at WL Ross & Co LL, a firm founded by Commerce Secretary Wilbur Ross, and often attended New York City charity events. Several friends expressed their grief on Facebook. × × ×

Indian American financier killed in freak shark attack in Costa Rica

Asian shares were a tad firmer on Thursday, <a href="http://www.wionews.com/business-economy/tokyo-stocks-open-higher-as-worries-about-us-north-korea-tensions-ease-18797" target="_blank">taking their cues from strong US data although holiday-thinned trade</a> and uncertainty about the impact of recent hurricanes on the US economy are likely to keep investors cautious.

Japan&#39;s Nikkei was almost flat while Australian shares ticked up 0.2 per cent.

MSCI&#39;s broadest index of Asia-Pacific shares outside <a href="http://www.wionews.com/world/tokyo-stocks-open-higher-snap-vote-eyed-20592" target="_blank">Japan was almost flat with Hong Kong and South Korea</a>, as well as mainland China, closed for public holidays.

Wall Street&#39;s three major stock indexes hit fresh highs on Wednesday as did MSCI&#39;s all-country world stock index.

The Institute for Supply Management&#39;s index of non-manufacturing activity rose to 59.8 in September, it&#39;s the highest reading since August 2005, pointing to the resilience of the vast US services sector despite disruption from two powerful hurricanes.

The data came after a surge to a 13-year high in the survey of manufacturers as well as car sales at 12-year high, both released earlier this week.

&quot;Shares markets were supported as economic data was generally strong,&quot; said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

But analysts also cautioned that the data reflected temporary demand stemming from repair and replacement spending in the aftermath of the hurricanes.

Data from private payrolls processor ADP showed monthly hiring slowed to an 11-month low of 135,000 [USADP=ECI], again due partly to disruptions from hurricanes, although this was better than economists&#39; median forecast.

Economists expect Friday&#39;s nonfarm payrolls report, one of the most closely watched pieces of economic data in financial markets, to show a similar slowdown.

They estimate a payroll increase in September of 90,000, substantially lower than the average over the past year of around 175,000, though some say investors may need to pay attention to state data due on October 20 to exclude the impact from hurricanes.

US bond yields were off their lows as bond prices fell, but yields were held below multi-month peaks hit earlier in the year. The 10-year US bond yield stood at 2.328 per cent, below Monday&#39;s 12-week high of 2.371 per cent.

&quot;Because US economic data for August to October is likely to be disrupted by hurricanes, markets may show a much smaller response to them,&quot; said Tomoaki Shishido, fixed income analyst at Nomura Securities.

&quot;In that regard, the market will be focusing more on policy issues, such as tax cuts and the choice of the next Fed chair,&quot; he added.

US President Donald Trump proposed a tax overhaul late last month though it remains to be seen whether the plan can get through Congress given the divisions among Republicans.

Trump has promised to decide this month on a new chief for the Federal Reserve to replace Janet Yellen, whose term expires in February.

High-rated bonds were affected by worries about Catalonia&#39;s independence vote from Spain.

The yield on Spanish bonds shot up to the highest level since March as prices fell, stretching the gap over German benchmarks to the widest in more than five months after Catalonia&#39;s secessionist leader said the region will declare independence in &quot;days.&quot;

Spain&#39;s IBEX stock index posted its worst single-day loss in 15 months with a 2.85 per cent decline on Wednesday.

Catalonia will move to declare independence from Spain on Monday while Spanish Prime Minister Mariano Rajoy&#39;s government said Catalonia must to &quot;return to the path of law&quot; before any negotiations could take place.

In currency markets, the euro steadied after weakness since late last month and last traded at $1.1761, off Tuesday&#39;s 1-1/2-month low of $1.16955.

The dollar stood at 112.77 yen, below last week&#39;s high of 113.26, on uncertainties over Japan&#39;s election on October 22.

Although Prime Minister Shinzo Abe&#39;s ruling coalition is likely to retain a majority, it could lose some seats, possibly weakening Abe&#39;s grip on power.

The Australian dollar dropped 0.4 per cent to 78.30 cents after unexpectedly weak local retail sales data.

Oil slipped after a surprising jump in US crude exports to a record 2 million barrels per day fanned worries about global oversupply.

Brent crude futures hit a two-week low of $55.38 per barrel on Wednesday and last stood at $55.92. US crude WTI futures also hit a two-week low of $49.76 per barrel and last traded at $49.98.

Elsewhere, Qatar&#39;s stock index sank to a five-year low on Wednesday, hurt by the effects of sanctions imposed by neighbouring states.

Asian shares were a tad firmer on Thursday, taking their cues from strong US data although holiday-thinned trade and uncertainty about the impact of recent hurricanes on the US economy are likely to keep investors cautious

Asian shares were a tad firmer on Thursday, taking their cues from strong US data although holiday-thinned trade and uncertainty about the impact of recent hurricanes on the US economy are likely to keep investors cautious. Japan's Nikkei was almost flat while Australian shares ticked up 0.2 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat with Hong Kong and South Korea, as well as mainland China, closed for public holidays. Wall Street's three major stock indexes hit fresh highs on Wednesday as did MSCI's all-country world stock index. The Institute for Supply Management's index of non-manufacturing activity rose to 59.8 in September, it's the highest reading since August 2005, pointing to the resilience of the vast US services sector despite disruption from two powerful hurricanes. The data came after a surge to a 13-year high in the survey of manufacturers as well as car sales at 12-year high, both released earlier this week. "Shares markets were supported as economic data was generally strong," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. But analysts also cautioned that the data reflected temporary demand stemming from repair and replacement spending in the aftermath of the hurricanes. Data from private payrolls processor ADP showed monthly hiring slowed to an 11-month low of 135,000 [USADP=ECI], again due partly to disruptions from hurricanes, although this was better than economists' median forecast. Economists expect Friday's nonfarm payrolls report, one of the most closely watched pieces of economic data in financial markets, to show a similar slowdown. They estimate a payroll increase in September of 90,000, substantially lower than the average over the past year of around 175,000, though some say investors may need to pay attention to state data due on October 20 to exclude the impact from hurricanes. US bond yields were off their lows as bond prices fell, but yields were held below multi-month peaks hit earlier in the year. The 10-year US bond yield stood at 2.328 per cent, below Monday's 12-week high of 2.371 per cent. "Because US economic data for August to October is likely to be disrupted by hurricanes, markets may show a much smaller response to them," said Tomoaki Shishido, fixed income analyst at Nomura Securities. "In that regard, the market will be focusing more on policy issues, such as tax cuts and the choice of the next Fed chair," he added. US President Donald Trump proposed a tax overhaul late last month though it remains to be seen whether the plan can get through Congress given the divisions among Republicans. Trump has promised to decide this month on a new chief for the Federal Reserve to replace Janet Yellen, whose term expires in February. High-rated bonds were affected by worries about Catalonia's independence vote from Spain. The yield on Spanish bonds shot up to the highest level since March as prices fell, stretching the gap over German benchmarks to the widest in more than five months after Catalonia's secessionist leader said the region will declare independence in "days." Spain's IBEX stock index posted its worst single-day loss in 15 months with a 2.85 per cent decline on Wednesday. Catalonia will move to declare independence from Spain on Monday while Spanish Prime Minister Mariano Rajoy's government said Catalonia must to "return to the path of law" before any negotiations could take place. In currency markets, the euro steadied after weakness since late last month and last traded at $1.1761, off Tuesday's 1-1/2-month low of $1.16955. The dollar stood at 112.77 yen, below last week's high of 113.26, on uncertainties over Japan's election on October 22. Although Prime Minister Shinzo Abe's ruling coalition is likely to retain a majority, it could lose some seats, possibly weakening Abe's grip on power. The Australian dollar dropped 0.4 per cent to 78.30 cents after unexpectedly weak local retail sales data. Oil slipped after a surprising jump in US crude exports to a record 2 million barrels per day fanned worries about global oversupply. Brent crude futures hit a two-week low of $55.38 per barrel on Wednesday and last stood at $55.92. US crude WTI futures also hit a two-week low of $49.76 per barrel and last traded at $49.98. Elsewhere, Qatar's stock index sank to a five-year low on Wednesday, hurt by the effects of sanctions imposed by neighbouring states.

Asian shares edge up slightly after strong US data

US stocks fell sharply Thursday following a deadly attack in Spain and amid rising concerns President Donald Trump may have endangered his economic agenda after alienating business leaders.&nbsp;

Investors also were rattled early Thursday by rumors White House economic advisor Gary Cohn, a former Goldman Sachs president, could resign. A White House source denied this, however.

The investment bank was among the biggest losers on the blue-chip Dow Jones Industrial Average, which had its largest drop in three months and turned negative for the month.

The Dow dropped 1.2 per cent to finish at 21,750.73 and the broader S&amp;P 500 gave up 1.5 per cent to close at 2,430.01.

The tech-heavy Nasdaq suffered the biggest loss, sinking 1.9 per cent to close at 6,221.91.

After opening lower, stock losses accelerated shortly after 11 am after an attacker in Barcelona slammed a van into crowds on a popular tourist street, killing at least 13 people and injuring 50, authorities said.

Prior to the attack, investors already were fretting over news Trump had dissolved two business councils amid an exodus of CEOs seeking to distance themselves from the US president&#39;s heavily-criticised response to a white supremacy rally over the weekend.

Trump&#39;s agenda of tax cuts and infrastructure spending now faces a bitterly divided Congress with which he has repeatedly butted heads.

Disbanding the CEO advisory boards, &quot;created a lot of concerns for investors,&quot; said Adam Sarhan of 50 Park Investment.&nbsp;

&quot;This is the first time since Trump took office there is a disconnect between him and the business community.&quot;

Sarhan said previous political shocks, such as Republican failure to repeal the previous administration&#39;s health care laws or the nuclear brinkmanship with North Korea, had not directly affected economic policy.

&quot;This is the first time where we have a political event that directly impacts the economy. That is why stocks are selling off. It is not just noise.&quot;

Goldman Sachs fell 1.8 per cent and Cisco Systems was the Dow&#39;s biggest loser, tumbling by four per cent, after reporting disappointing earnings in its security business.

Apple fell 1.9 per cent, dragging down the S&amp;P and the Nasdaq, while Wal-Mart Stores lost 1.6 per cent after reporting a steep decline in profits despite posting a 60 per cent gain in internet sales and beating expectations on earnings per share.

The investment bank was among the biggest losers on the blue-chip Dow Jones Industrial Average, which had its largest drop in three months and turned negative for the month

US stocks fell sharply Thursday following a deadly attack in Spain and amid rising concerns President Donald Trump may have endangered his economic agenda after alienating business leaders. Investors also were rattled early Thursday by rumors White House economic advisor Gary Cohn, a former Goldman Sachs president, could resign. A White House source denied this, however. The investment bank was among the biggest losers on the blue-chip Dow Jones Industrial Average, which had its largest drop in three months and turned negative for the month. The Dow dropped 1.2 per cent to finish at 21,750.73 and the broader S&P 500 gave up 1.5 per cent to close at 2,430.01. The tech-heavy Nasdaq suffered the biggest loss, sinking 1.9 per cent to close at 6,221.91. After opening lower, stock losses accelerated shortly after 11 am after an attacker in Barcelona slammed a van into crowds on a popular tourist street, killing at least 13 people and injuring 50, authorities said. Prior to the attack, investors already were fretting over news Trump had dissolved two business councils amid an exodus of CEOs seeking to distance themselves from the US president's heavily-criticised response to a white supremacy rally over the weekend. Trump's agenda of tax cuts and infrastructure spending now faces a bitterly divided Congress with which he has repeatedly butted heads. Disbanding the CEO advisory boards, "created a lot of concerns for investors," said Adam Sarhan of 50 Park Investment. "This is the first time since Trump took office there is a disconnect between him and the business community." Sarhan said previous political shocks, such as Republican failure to repeal the previous administration's health care laws or the nuclear brinkmanship with North Korea, had not directly affected economic policy. "This is the first time where we have a political event that directly impacts the economy. That is why stocks are selling off. It is not just noise." Goldman Sachs fell 1.8 per cent and Cisco Systems was the Dow's biggest loser, tumbling by four per cent, after reporting disappointing earnings in its security business. Apple fell 1.9 per cent, dragging down the S&P and the Nasdaq, while Wal-Mart Stores lost 1.6 per cent after reporting a steep decline in profits despite posting a 60 per cent gain in internet sales and beating expectations on earnings per share.

Wall Street tumbles on Spain terror, Trump policy worries

Wall Street stocks fell for the second straight session Wednesday as worries about US-North Korea tensions rattled investors.

Analysts pointed to the harsh threats and sabre rattling from US President Donald Trump, including a message Wednesday on Twitter boasting &nbsp;the United States&#39; nuclear arsenal was now &quot;more powerful than ever before.&quot;

US Defense Secretary Jim Mattis, who often has emphasized the devastating costs of any conflict with North Korea, seemed to back up Trump&#39;s tone.

Mattis said North Korea must stop isolating itself and &quot;stand down&quot; in its pursuit of nuclear weapons, and Pyongyang &quot;should cease any consideration of actions that would lead to the end of its regime and the destruction of its people.&quot;

The Dow Jones Industrial Average shed 0.2 per cent to close the day at 22,048.70.

The broad-based S&amp;P 500 fell less than 0.1 per cent at the end at 2,474.02, while the tech-rich Nasdaq Composite Index dropped 0.3 per cent to 6,352.33.

The S&amp;P 500 volatility index, a measure of investor fear, rose for the second day.

&quot;It is a market that is beginning to encounter some major threats and of course the threat is geopolitical,&quot; said Peter Cardillo, chief market economist at First Standard Financial.

Dow member Disney dropped 3.9 per cent as it reported flat third-quarter revenues due in part to weakness in its cable subscription business.&nbsp;

Disney also announced it will launch two new streaming television services including one for its ESPN-branded sports channel while ending its deal with Netflix as it shifts towards direct content distribution. Netflix lost 1.5 per cent.

Priceline sank 6.9 per cent as it projected third-quarter earnings below analyst expectations.

Charter Communications rose 2.9 per cent on news Altice is exploring a bid for the cable giant. Altice USA, the subsidiary of the French company, added 0.1 per cent.&nbsp;

Priceline sank 6.9 percent as it projected third-quarter earnings below analyst expectations

Wall Street stocks fell for the second straight session Wednesday as worries about US-North Korea tensions rattled investors. Analysts pointed to the harsh threats and sabre rattling from US President Donald Trump, including a message Wednesday on Twitter boasting the United States' nuclear arsenal was now "more powerful than ever before." US Defense Secretary Jim Mattis, who often has emphasized the devastating costs of any conflict with North Korea, seemed to back up Trump's tone. Mattis said North Korea must stop isolating itself and "stand down" in its pursuit of nuclear weapons, and Pyongyang "should cease any consideration of actions that would lead to the end of its regime and the destruction of its people." The Dow Jones Industrial Average shed 0.2 per cent to close the day at 22,048.70. The broad-based S&P 500 fell less than 0.1 per cent at the end at 2,474.02, while the tech-rich Nasdaq Composite Index dropped 0.3 per cent to 6,352.33. The S&P 500 volatility index, a measure of investor fear, rose for the second day. "It is a market that is beginning to encounter some major threats and of course the threat is geopolitical," said Peter Cardillo, chief market economist at First Standard Financial. Dow member Disney dropped 3.9 per cent as it reported flat third-quarter revenues due in part to weakness in its cable subscription business. Disney also announced it will launch two new streaming television services including one for its ESPN-branded sports channel while ending its deal with Netflix as it shifts towards direct content distribution. Netflix lost 1.5 per cent. Priceline sank 6.9 per cent as it projected third-quarter earnings below analyst expectations. Charter Communications rose 2.9 per cent on news Altice is exploring a bid for the cable giant. Altice USA, the subsidiary of the French company, added 0.1 per cent.

US stocks fall as North Korea worries rise

The &quot;Fearless Girl&quot; statue in New York City, whose face-off with Wall Street&#39;s &quot;Charging Bull&quot; won her legions of fans in just three weeks, will hold her ground for at least another 11 months.

The 50-inch (127 centimetre) bronze statue of a defiant girl with fists on hips was installed to mark International Women&#39;s Day on March 8 under a lease due to end April 2. The two statues stand on a patch of cobble stone in the financial district near Bowling Green.

After at least two petitions, generous press attention and ebullient interest on social media, the attraction for tourists and locals will keep its place at least through the end of February 2018.

&quot;She has clearly struck a nerve,&quot; said US&nbsp;Rep. Carolyn Maloney on Monday as she stood on the steps of City Hall with other women politicians to announce the statue&#39;s extended stay.

Maloney, a New York Democrat, said the bronze girl was a testament to the power of art in society. It was created by artist Kristen Visbal and commissioned by asset manager State Street Global Advisors as part of a campaign to increase gender diversity in business.

&quot;She has really, really become a meaningful part of the community of New York,&quot; Maloney said. &quot;Everyone sees their own dreams and aspirations in the strength of this little girl.&quot;

Supporters now aim to convince New York City Mayor Bill de Blasio to let &quot;Fearless Girl&quot; permanently stare down &quot;Charging Bull,&quot; which its creator said was meant to show US&nbsp;economic strength but also symbolises all things Wall Street and all things male.

&quot;The importance of empowering women is not temporary, and it&#39;s not something that can last for 11 months,&quot; New York City Public Advocate Letitia James said. &quot;It something that needs to be made permanent.&quot;

But &quot;Fearless Girl&quot; has opponents, among them Arturo Di Modica, who sculpted &quot;Charging Bull&quot; and dropped it in front of the New York Stock Exchange in the middle of the night in December 1989.

&quot;That is not a symbol! That&#39;s an advertising trick,&quot; he told the financial news website MarketWatch last week.

The gender diversity campaign by State Street Global Advisors, a subsidiary of State Street Corp, aims to highlight the need for more women on corporate boards. Twenty-five per cent of the largest 3,000 US&nbsp;companies have no female directors, the company noted on its website.

Installed on International Women's Day, the statue was created as part of a campaign to increase gender diversity in business

The "Fearless Girl" statue in New York City, whose face-off with Wall Street's "Charging Bull" won her legions of fans in just three weeks, will hold her ground for at least another 11 months. The 50-inch (127 centimetre) bronze statue of a defiant girl with fists on hips was installed to mark International Women's Day on March 8 under a lease due to end April 2. The two statues stand on a patch of cobble stone in the financial district near Bowling Green. After at least two petitions, generous press attention and ebullient interest on social media, the attraction for tourists and locals will keep its place at least through the end of February 2018. "She has clearly struck a nerve," said US Rep. Carolyn Maloney on Monday as she stood on the steps of City Hall with other women politicians to announce the statue's extended stay. Maloney, a New York Democrat, said the bronze girl was a testament to the power of art in society. It was created by artist Kristen Visbal and commissioned by asset manager State Street Global Advisors as part of a campaign to increase gender diversity in business. "She has really, really become a meaningful part of the community of New York," Maloney said. "Everyone sees their own dreams and aspirations in the strength of this little girl." Supporters now aim to convince New York City Mayor Bill de Blasio to let "Fearless Girl" permanently stare down "Charging Bull," which its creator said was meant to show US economic strength but also symbolises all things Wall Street and all things male. "The importance of empowering women is not temporary, and it's not something that can last for 11 months," New York City Public Advocate Letitia James said. "It something that needs to be made permanent." But "Fearless Girl" has opponents, among them Arturo Di Modica, who sculpted "Charging Bull" and dropped it in front of the New York Stock Exchange in the middle of the night in December 1989. "That is not a symbol! That's an advertising trick," he told the financial news website MarketWatch last week. The gender diversity campaign by State Street Global Advisors, a subsidiary of State Street Corp, aims to highlight the need for more women on corporate boards. Twenty-five per cent of the largest 3,000 US companies have no female directors, the company noted on its website.

'Fearless Girl' extends face-off with Wall Street's 'Charging Bull'

US&nbsp;stocks retreated on Monday in a broad decline as investors took a dim view of the latest turbulence surrounding the Trump administration along with geopolitical tensions emanating from Asia.

The S&amp;P 500 has rallied 11 per cent in the wake of President Donald Trump&#39;s victory in November, with investors betting on the implementation of reduced regulations, lower taxes and increased infrastructure spending.

But a lack of detail on Trump&#39;s proposals, his isolationist stance and setbacks in filling his Cabinet have made investors question whether the post-election rally has run its course as stock valuations become stretched.

Trump accused predecessor Barack Obama on Saturday of wiretapping him during the late stages of the 2016 election campaign, but offered no evidence.

Some investors worried that the accusation could delay Trump&#39;s economic agenda.

&quot;The bottom line is, investors have predicated this rally on this new administration getting things done,&quot; said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.

&quot;The more news that circulates that is now whipping Washington into a frenzy, the less bandwidth they have to focus on getting these measures through.&quot;

Adding to investor caution were rising tensions in East Asia after North Korea fired four ballistic missiles into the sea off Japan&#39;s northwest.

Trump also signed a revised executive order on Monday for a 90-day travel ban to the United States from six Muslim-majority countries, removing Iraq from the list after his controversial first attempt was blocked in the courts.

Valuations are a cause for concern. The S&amp;P 500 is trading at nearly 18 times forward earnings estimates against the long-term average of about 15 times, according to Thomson Reuters data.

Investors are also grappling with the likelihood of an interest rate hike by the US&nbsp;Federal Reserve at its meeting next week, with traders now expecting about an 85-per cent chance of a hike versus roughly 30-percent at the start of last week.

The Dow Jones Industrial Average&nbsp;fell 41.33 points, or 0.2 per cent, to 20,964.38, the S&amp;P 500 lost 7.65 points, or 0.32 per cent, to 2,375.47 and the Nasdaq Composite dropped 21.07 points, or 0.36 per cent, to 5,849.69.

Of the 11 major S&amp;P sectors, only energy up 0.2 per cent, managed a modest advance.

Among stocks, Netflix, advanced 2 per cent to $141.94 following a UBS rating upgrade to &quot;buy&quot;.

Tyson Foods dropped 2.1 per cent at $2.26 after a strain of bird flu was detected in a chicken breeder flock on a Tennessee farm contracted with the company.

Declining issues outnumbered advancing ones on the NYSE by a 2.74-to-1 ratio; on Nasdaq, a 2.57-to-1 ratio favoured decliners.

The S&amp;P 500 posted 13 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 53 new highs and 54 new lows.

(Reuters)

A lack of detail on Trump's proposals, his isolationist stance and setbacks in filling his Cabinet have vexed the Wall Street

US stocks retreated on Monday in a broad decline as investors took a dim view of the latest turbulence surrounding the Trump administration along with geopolitical tensions emanating from Asia. The S&P 500 has rallied 11 per cent in the wake of President Donald Trump's victory in November, with investors betting on the implementation of reduced regulations, lower taxes and increased infrastructure spending. But a lack of detail on Trump's proposals, his isolationist stance and setbacks in filling his Cabinet have made investors question whether the post-election rally has run its course as stock valuations become stretched. Trump accused predecessor Barack Obama on Saturday of wiretapping him during the late stages of the 2016 election campaign, but offered no evidence. Some investors worried that the accusation could delay Trump's economic agenda. "The bottom line is, investors have predicated this rally on this new administration getting things done," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. "The more news that circulates that is now whipping Washington into a frenzy, the less bandwidth they have to focus on getting these measures through." Adding to investor caution were rising tensions in East Asia after North Korea fired four ballistic missiles into the sea off Japan's northwest. Trump also signed a revised executive order on Monday for a 90-day travel ban to the United States from six Muslim-majority countries, removing Iraq from the list after his controversial first attempt was blocked in the courts. Valuations are a cause for concern. The S&P 500 is trading at nearly 18 times forward earnings estimates against the long-term average of about 15 times, according to Thomson Reuters data. Investors are also grappling with the likelihood of an interest rate hike by the US Federal Reserve at its meeting next week, with traders now expecting about an 85-per cent chance of a hike versus roughly 30-percent at the start of last week. The Dow Jones Industrial Average fell 41.33 points, or 0.2 per cent, to 20,964.38, the S&P 500 lost 7.65 points, or 0.32 per cent, to 2,375.47 and the Nasdaq Composite dropped 21.07 points, or 0.36 per cent, to 5,849.69. Of the 11 major S&P sectors, only energy up 0.2 per cent, managed a modest advance. Among stocks, Netflix, advanced 2 per cent to $141.94 following a UBS rating upgrade to "buy". Tyson Foods dropped 2.1 per cent at $2.26 after a strain of bird flu was detected in a chicken breeder flock on a Tennessee farm contracted with the company. Declining issues outnumbered advancing ones on the NYSE by a 2.74-to-1 ratio; on Nasdaq, a 2.57-to-1 ratio favoured decliners. The S&P 500 posted 13 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 53 new highs and 54 new lows. (Reuters)

Trump's travel ban and North Korea tension tempers down US stocks

World stocks hit a 19-month high on Wednesday, lifted by strong Japanese trade data, stellar European company earnings and hope that US&nbsp;President Donald Trump will press ahead with a large fiscal spending package.

Spanish bank Santander was among the big gainers in Europe, its 4 per cent rise in 2016 net profit giving its share price a similar boost and leading the continent-wide rally in bank stocks.

MSCI&#39;s global share index rose 0.2 per cent to 433.59 points, its highest since June 2015, after two of Wall Street&#39;s main indices reached fresh peaks overnight.

Europe&#39;s index of 300 leading shares and Germany&#39;s DAX both rose 1 per cent and Britain&#39;s FTSE 100 was up 0.7 per cent.

Japan&#39;s Nikkei advanced 1.4 per cent, buoyed by data showing the country&#39;s exports rose for the first time in 15 months in December, a positive sign for the economy even as talk of US&nbsp;protectionism looms over the outlook.

US&nbsp;futures pointed to a higher open on Wall Street. On Tuesday the S&amp;P 500 and Nasdaq both rose to fresh record highs and the Dow Jones Industrials came within 51 points of the elusive 20,000 mark.

&quot;US&nbsp;stocks have shown renewed signs of life this week, as the market toyed with the idea of reigniting the &#39;Trump rally&#39; that we saw in the aftermath of the presidential election,&quot; said Kathleen Brooks, research director at City Index.

Trump signed two executive orders on Tuesday to move forward with construction of the Keystone XL and Dakota Access oil pipelines, rolling back key Obama administration environmental actions in favour of expanding energy infrastructure.

He also met chief executives of the Big Three US&nbsp;automakers to push for more cars to be built in the United States.

&quot;Wednesday&#39;s key theme is the return of the &#39;Trump trade&#39;,&quot; Brooks said.

Bond yields up

The dollar snapped its recent losing streak and Treasury yields firmed overnight as Trump shifted his focus back to growth initiatives including promising corporate tax breaks to fuel US&nbsp;investment, after focusing on protectionism in his first few days in office.

The 10-year yield inched up to 2.48 per cent, recovering from its dip below 2.40 per cent earlier in the week, while the two-year yield held firm at 1.23 per cent. It was as low as 1.14 per cent on Monday.

While the greenback moved in tandem with the snap back in US&nbsp;Treasury yields overnight, it struggled to make much headway in Asian and European trading.

Lingering concerns about growing protectionism from the Trump administration&nbsp;and the potential negative effects on global trade and growth remained close to the surface.

&quot;It has kept dollar/yen flat despite the S&amp;P 500 hitting new highs and Treasury yields edging up,&quot; Kit Juckes, head of FX research at Societe Generale in London, wrote in a note on Wednesday.

&quot;There&#39;s no doubt that a major bout of protectionism-induced risk aversion would be yen-supportive, as well as negative for a bunch of currencies that depend on US&nbsp;trade,&quot; he said.

The dollar slipped 0.1 per cent to 113.65 Yen, and 0.1 per cent against a basket of currencies. The Euro was unchanged at $1.0725, little moved by a surprise fall in German business morale this month.

Germany&#39;s 10-year Bund yield rose to a six-week high of 0.38 per cent and France&#39;s benchmark 10-year yield hit a one-year high of 0.95 per cent, with bond prices weighed down by the rally in stocks and new debt supply.

Sterling was steady at $1.2524 after Britain&#39;s Supreme Court ruled that the government would need approval from parliament before formally triggering the country&#39;s departure from the European Union.

The decision overall was seen as clearing the way for Prime Minister Theresa May to get on with launching Brexit talks. Sterling has bounced 4 per cent over the last week.

Oil prices gave back much of their overnight gains. Brent futures dipped 0.5 per cent to $55.13 per barrel, after rising 0.4 per cent overnight.

Renewed optimism over Trump&#39;s growth policies took the wind out of a recent rally in safe-haven gold, which fell 0.6 per cent to $1,201 per ounce.

(Reuters)

Europe's index of 300 leading shares and Germany's DAX both rose 1 per cent and Britain's FTSE 100 was up 0.7 per cent

World stocks hit a 19-month high on Wednesday, lifted by strong Japanese trade data, stellar European company earnings and hope that US President Donald Trump will press ahead with a large fiscal spending package. Spanish bank Santander was among the big gainers in Europe, its 4 per cent rise in 2016 net profit giving its share price a similar boost and leading the continent-wide rally in bank stocks. MSCI's global share index rose 0.2 per cent to 433.59 points, its highest since June 2015, after two of Wall Street's main indices reached fresh peaks overnight. Europe's index of 300 leading shares and Germany's DAX both rose 1 per cent and Britain's FTSE 100 was up 0.7 per cent. Japan's Nikkei advanced 1.4 per cent, buoyed by data showing the country's exports rose for the first time in 15 months in December, a positive sign for the economy even as talk of US protectionism looms over the outlook. US futures pointed to a higher open on Wall Street. On Tuesday the S&P 500 and Nasdaq both rose to fresh record highs and the Dow Jones Industrials came within 51 points of the elusive 20,000 mark. "US stocks have shown renewed signs of life this week, as the market toyed with the idea of reigniting the 'Trump rally' that we saw in the aftermath of the presidential election," said Kathleen Brooks, research director at City Index. Trump signed two executive orders on Tuesday to move forward with construction of the Keystone XL and Dakota Access oil pipelines, rolling back key Obama administration environmental actions in favour of expanding energy infrastructure. He also met chief executives of the Big Three US automakers to push for more cars to be built in the United States. "Wednesday's key theme is the return of the 'Trump trade'," Brooks said. Bond yields up The dollar snapped its recent losing streak and Treasury yields firmed overnight as Trump shifted his focus back to growth initiatives including promising corporate tax breaks to fuel US investment, after focusing on protectionism in his first few days in office. The 10-year yield inched up to 2.48 per cent, recovering from its dip below 2.40 per cent earlier in the week, while the two-year yield held firm at 1.23 per cent. It was as low as 1.14 per cent on Monday. While the greenback moved in tandem with the snap back in US Treasury yields overnight, it struggled to make much headway in Asian and European trading. Lingering concerns about growing protectionism from the Trump administration and the potential negative effects on global trade and growth remained close to the surface. "It has kept dollar/yen flat despite the S&P 500 hitting new highs and Treasury yields edging up," Kit Juckes, head of FX research at Societe Generale in London, wrote in a note on Wednesday. "There's no doubt that a major bout of protectionism-induced risk aversion would be yen-supportive, as well as negative for a bunch of currencies that depend on US trade," he said. The dollar slipped 0.1 per cent to 113.65 Yen, and 0.1 per cent against a basket of currencies. The Euro was unchanged at $1.0725, little moved by a surprise fall in German business morale this month. Germany's 10-year Bund yield rose to a six-week high of 0.38 per cent and France's benchmark 10-year yield hit a one-year high of 0.95 per cent, with bond prices weighed down by the rally in stocks and new debt supply. Sterling was steady at $1.2524 after Britain's Supreme Court ruled that the government would need approval from parliament before formally triggering the country's departure from the European Union. The decision overall was seen as clearing the way for Prime Minister Theresa May to get on with launching Brexit talks. Sterling has bounced 4 per cent over the last week. Oil prices gave back much of their overnight gains. Brent futures dipped 0.5 per cent to $55.13 per barrel, after rising 0.4 per cent overnight. Renewed optimism over Trump's growth policies took the wind out of a recent rally in safe-haven gold, which fell 0.6 per cent to $1,201 per ounce. (Reuters)

Reignited 'Trump trades' help world stocks hit 19-month high

The Dow Jones Industrial Average traded above 20,000 for the first time on Wednesday, resuming a rally that began in the wake of US&nbsp;President Donald Trump&#39;s surprise election victory.

The rally was reignited by Trump&#39;s signing of numerous executive orders since his inauguration on Friday. The Dow has climbed 9 per cent since Trump took over on January 20.

&nbsp;

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Great! <a href="https://twitter.com/hashtag/Dow20K?src=hash">#Dow20K</a> <a href="https://t.co/wXFhXBLgag">https://t.co/wXFhXBLgag</a>
&mdash; President Trump (@POTUS) <a href="https://twitter.com/POTUS/status/824268525862879232">January 25, 2017</a></blockquote>
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&nbsp;

The index came within a point of the historic level on January 6, as investors banked on pro-growth policies and tax cuts from the new administration.

But the venerable index had stalled recently, dropping modestly in consecutive weeks, as investors grew cautious as they looked for clarity on the administration&#39;s new policies.

&quot;A seminal moment. It is just a number but it is a big number, it is certainly a flashy number,&quot; said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

&quot;There is a real belief that Trump is real, he has been extremely active these first couple of days of the presidency and a change may happen faster than people had thought.&quot;

If the index remains above 20,000 by closing time, the 42-session surge from the first close above 19,000 would mark the second-shortest length of time between such milestones.

The 24 trading days between 10,000 and 11,000 from March 29 to May 3 of 1999 was the fastest.

The rise from 18,000 to 19,000 took the Dow 483 trading sessions.

The move since November 22, when the index closed above 19,000 for the first time, has been spearheaded by financial stocks - with Goldman Sachs and JPMorgan accounting for about 20 per cent of the gain.

The two banks have benefited as investors bet that Trump&#39;s expected fiscal stimulus will trigger inflation and stoke a rise in interest rates.

On Wednesday, Boeing rose 2.3 per cent after its earnings and Goldman Sachs was up 0.7 per cent, helping to push the index over the top.

At 9:33 am&nbsp;ET (1433 GMT), the Dow was up 97.59 points, or 0.49 per cent, at 20,010.3, the S&amp;P 500 was up 10.33 points, or 0.45 per cent, at 2,290.4 and the Nasdaq Composite was up 38.17 points, or 0.68 per cent, at 5,639.13.

The S&amp;P and the Nasdaq also hit record intraday highs.

Advancing issues outnumbered decliners on the NYSE by 1,883 to 736. On the Nasdaq, 1,706 issues rose and 500 fell.

The S&amp;P 500 index showed 51 new 52-week highs and no new lows, while the Nasdaq recorded 96 new highs and five new lows.

(Reuters)

The rally was reignited by Trump's signing of numerous executive orders since his inauguration on Friday

The Dow Jones Industrial Average traded above 20,000 for the first time on Wednesday, resuming a rally that began in the wake of US President Donald Trump's surprise election victory. The rally was reignited by Trump's signing of numerous executive orders since his inauguration on Friday. The Dow has climbed 9 per cent since Trump took over on January 20. Great! #Dow20K https://t.co/wXFhXBLgag — President Trump (@POTUS) January 25, 2017 × The index came within a point of the historic level on January 6, as investors banked on pro-growth policies and tax cuts from the new administration. But the venerable index had stalled recently, dropping modestly in consecutive weeks, as investors grew cautious as they looked for clarity on the administration's new policies. "A seminal moment. It is just a number but it is a big number, it is certainly a flashy number," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York. "There is a real belief that Trump is real, he has been extremely active these first couple of days of the presidency and a change may happen faster than people had thought." If the index remains above 20,000 by closing time, the 42-session surge from the first close above 19,000 would mark the second-shortest length of time between such milestones. The 24 trading days between 10,000 and 11,000 from March 29 to May 3 of 1999 was the fastest. The rise from 18,000 to 19,000 took the Dow 483 trading sessions. The move since November 22, when the index closed above 19,000 for the first time, has been spearheaded by financial stocks - with Goldman Sachs and JPMorgan accounting for about 20 per cent of the gain. The two banks have benefited as investors bet that Trump's expected fiscal stimulus will trigger inflation and stoke a rise in interest rates. On Wednesday, Boeing rose 2.3 per cent after its earnings and Goldman Sachs was up 0.7 per cent, helping to push the index over the top. At 9:33 am ET (1433 GMT), the Dow was up 97.59 points, or 0.49 per cent, at 20,010.3, the S&P 500 was up 10.33 points, or 0.45 per cent, at 2,290.4 and the Nasdaq Composite was up 38.17 points, or 0.68 per cent, at 5,639.13. The S&P and the Nasdaq also hit record intraday highs. Advancing issues outnumbered decliners on the NYSE by 1,883 to 736. On the Nasdaq, 1,706 issues rose and 500 fell. The S&P 500 index showed 51 new 52-week highs and no new lows, while the Nasdaq recorded 96 new highs and five new lows. (Reuters)

Dow hits 20,000 mark as post-election rally resumes

The rally in regional US bank stocks that followed last month&#39;s election of Donald Trump may not be over, but investors may have to wait for policy to take shape for the massive move to extend further.

The S&amp;P 600 index of small-cap banks has surged more than 20 per cent since Trump&#39;s surprise November 8 victory, while their large-cap peers on the S&amp;P 500 index have jumped over 17 per cent.

Investors booked profits on Friday, with the small-cap index down 0.8 percent and the larger banks dropping 1.1 per cent.

Smaller lenders could potentially add as much as 40 per cent to their fourth-quarter 2017 earnings if Trump&#39;s promises of tax cuts and regulatory changes materialise, according to Sandler O&#39; Neill analyst Brad Milsaps.

But Milsaps has not changed his official estimates to reflect this possibility as he is waiting for confirmation that those policy changes will happen.

Trump is scheduled to take office January 20. His Treasury Secretary nominee, Steven Mnuchin, on Wednesday, criticised the Dodd-Frank banking regulation act saying that it inhibited bank lending, potentially implying a willingness to try to change regulations to help boost that revenue source.

&quot;It remains to be seen how much longer the rally can continue until we see some tangible evidence of changes coming from the administration that relates to regulations or tax rates,&quot; said Milsaps.

Investors are betting that rising long-term interest rates, expected corporate tax cuts, as well as lighter regulation, will help banks under a Trump administration.

Domestic banks have more to gain from policy changes than their multinational counterparts as lighter regulation should make it easier for them to grow more quickly and could allow more mergers, according to investors and analysts.

They could also benefit more from expected tax cuts and they would be insulated from currency fluctuations.

&quot;There&#39;s definitely more opportunity on the regional banking level,&quot; David Lebovitz, global market strategist at JPMorgan Asset Management. &quot;When you go down in market capitalisation you begin to insulate yourself from a lot of these external forces. Dollar strengthening is less of an issue.&quot;

Bank profits depend largely on the spread between long- and short-term rates. The spread between benchmark US&nbsp;10-year Treasury notes and 2-year Treasuries has widened nearly 30 basis points since the US presidential election, touching its highest in a year on Thursday.

Adding to upward pressure on yields, the Federal Reserve is expected to raise overnight US interest rates at its meeting on Dec. 13-14 by 25 basis points, the first hike in nearly a year.

In relation to rising interest rates alone, Keefe, Bruyette &amp; Woods boosted its operating earnings growth estimates for banks with assets of $50 billion or lower to 10 per cent from 6 percent next year, and to 11 per cent from 4 per cent in 2018.

&quot;Earnings revisions, having been negative for many years, are beginning to turn positive, which is a very important step, and they&#39;re turning positive on higher revenues, which is even more important,&quot; said KBW analyst Christopher McGratty. &quot;They don&#39;t look cheap but there&#39;s a justifiable path toward the valuations they&#39;re at.&quot;

The current forward price-to-earnings for the S&amp;P small-cap bank index stands at 18.4, well above the six-year median of 15 and at its highest since April 2011.

McGratty also noted that many analysts will likely update their estimates for 2017 in coming weeks, which would tighten forward P/E multiples.

(Reuters)

The S&P 600 index of small-cap banks has surged more than 20 per cent since Trump's surprise November 8 victory

The rally in regional US bank stocks that followed last month's election of Donald Trump may not be over, but investors may have to wait for policy to take shape for the massive move to extend further. The S&P 600 index of small-cap banks has surged more than 20 per cent since Trump's surprise November 8 victory, while their large-cap peers on the S&P 500 index have jumped over 17 per cent. Investors booked profits on Friday, with the small-cap index down 0.8 percent and the larger banks dropping 1.1 per cent. Smaller lenders could potentially add as much as 40 per cent to their fourth-quarter 2017 earnings if Trump's promises of tax cuts and regulatory changes materialise, according to Sandler O' Neill analyst Brad Milsaps. But Milsaps has not changed his official estimates to reflect this possibility as he is waiting for confirmation that those policy changes will happen. Trump is scheduled to take office January 20. His Treasury Secretary nominee, Steven Mnuchin, on Wednesday, criticised the Dodd-Frank banking regulation act saying that it inhibited bank lending, potentially implying a willingness to try to change regulations to help boost that revenue source. "It remains to be seen how much longer the rally can continue until we see some tangible evidence of changes coming from the administration that relates to regulations or tax rates," said Milsaps. Investors are betting that rising long-term interest rates, expected corporate tax cuts, as well as lighter regulation, will help banks under a Trump administration. Domestic banks have more to gain from policy changes than their multinational counterparts as lighter regulation should make it easier for them to grow more quickly and could allow more mergers, according to investors and analysts. They could also benefit more from expected tax cuts and they would be insulated from currency fluctuations. "There's definitely more opportunity on the regional banking level," David Lebovitz, global market strategist at JPMorgan Asset Management. "When you go down in market capitalisation you begin to insulate yourself from a lot of these external forces. Dollar strengthening is less of an issue." Bank profits depend largely on the spread between long- and short-term rates. The spread between benchmark US 10-year Treasury notes and 2-year Treasuries has widened nearly 30 basis points since the US presidential election, touching its highest in a year on Thursday. Adding to upward pressure on yields, the Federal Reserve is expected to raise overnight US interest rates at its meeting on Dec. 13-14 by 25 basis points, the first hike in nearly a year. In relation to rising interest rates alone, Keefe, Bruyette & Woods boosted its operating earnings growth estimates for banks with assets of $50 billion or lower to 10 per cent from 6 percent next year, and to 11 per cent from 4 per cent in 2018. "Earnings revisions, having been negative for many years, are beginning to turn positive, which is a very important step, and they're turning positive on higher revenues, which is even more important," said KBW analyst Christopher McGratty. "They don't look cheap but there's a justifiable path toward the valuations they're at." The current forward price-to-earnings for the S&P small-cap bank index stands at 18.4, well above the six-year median of 15 and at its highest since April 2011. McGratty also noted that many analysts will likely update their estimates for 2017 in coming weeks, which would tighten forward P/E multiples. (Reuters)

Wall Street Week Ahead: Small banks rally pauses but may not be over yet

In an attempt to reassure investors after Brexit, British Prime Minister Theresa May met Wall Street finance leaders on Monday to discuss the consequences of the vote. 
 
She met officials from Goldman Sachs, Morgan Stanley and other banks discussing investments for a post-Brexit Europe. 
 
&quot;Every working day in the United Kingdom one million people wake up and go to work for an American company. And every day in the United States one million people wake up and go to work for a UK company,&quot; May told the business leaders. 
 
&quot;So you see there is reciprocity,&quot; said May, who is in New York to attend the United Nations General Assembly. &quot;The UK is going to be out there. We will be looking &lrm;for business. And ladies and gentlemen, please feel free to invest in the UK.&quot; 
 
May asked the business leaders what issue they wanted to be addressed in the Brexit negotiations. She expressed confidence that she would yield a good trade deal with the European Union.&nbsp; 
 
The United States is the largest single inward investor into Britain. Five of its largest banks have already started talks with European regulators about procedures for obtaining banking licenses and meeting capital requirements in EU countries post Britain&#39;s exit.&nbsp; 
 
London and Brussels are expected to conduct lengthy talks after May triggers the EU treaty&#39;s Article 50. 
 
(WION with inputs from agencies) 
&nbsp;

May sought to rebuild economic confidence among US businesses, the largest investors in Britain

In an attempt to reassure investors after Brexit, British Prime Minister Theresa May met Wall Street finance leaders on Monday to discuss the consequences of the vote. She met officials from Goldman Sachs, Morgan Stanley and other banks discussing investments for a post-Brexit Europe. "Every working day in the United Kingdom one million people wake up and go to work for an American company. And every day in the United States one million people wake up and go to work for a UK company," May told the business leaders. "So you see there is reciprocity," said May, who is in New York to attend the United Nations General Assembly. "The UK is going to be out there. We will be looking ‎for business. And ladies and gentlemen, please feel free to invest in the UK." May asked the business leaders what issue they wanted to be addressed in the Brexit negotiations. She expressed confidence that she would yield a good trade deal with the European Union. The United States is the largest single inward investor into Britain. Five of its largest banks have already started talks with European regulators about procedures for obtaining banking licenses and meeting capital requirements in EU countries post Britain's exit. London and Brussels are expected to conduct lengthy talks after May triggers the EU treaty's Article 50. (WION with inputs from agencies)

British PM Theresa May meets Wall Street banks to discuss post-Brexit investments

US stocks were lower on Friday afternoon as the possibility of a $14 billion fine against Deutsche Bank weighed on financial stocks, especially on the big Wall Street banks. 
 
The settlement proposal, made during negotiations between the US Department of Justice and Deutsche Bank over claims that the German bank mis-sold mortgage-backed securities, was larger than expected. 
 
Deutsche Bank&#39;s US-listed shares were down 9.4 per cent. Dow components Goldman Sachs and JPMorgan fell 0.9 per cent each. 
 
The S&amp;P 500 financial index dropped 0.74 per cent, dragging down the benchmark index the most. The KBW Bank index fell 0.90 per cent, putting it on track for its second straight week of decline. 
 
Traders have all but ruled out the possibility of the Federal Reserve raising interest rates at its meeting that starts next Tuesday. Investors will instead look for clues on when the central bank will eventually pull the trigger. 
 
At 12:25 a.m. ET (1625 GMT), the Dow Jones Industrial Average was down 63.62 points, or 0.35 per cent, at 18,148.86. 
 
The S&amp;P 500 was down 8.16 points, or 0.38 per cent, at 2,139.1. 
 
The Nasdaq Composite was down 6.49 points, or 0.12 percent, at 5,243.20. 
 
The technology index dropped 0.52 per cent, pulled down by Apple&#39;s a 0.8 per cent decline and Oracle&#39;s 4.1 per cent drop following a weak quarterly profit. 
 
Helping limit losses was Intel&#39;s 2.5 per cent gain after the chipmaker raised its third-quarter revenue forecast. 
 
The CBOE Market Volatility index Wall Street&#39;s &quot;fear gauge&quot;, reversed course and was down 0.43 per cent despite the expiry of futures and options on stocks and indexes, or quadruple witching. 
 
Declining issues outnumbered advancing ones on the NYSE by 1,989 to 911. On the Nasdaq, 1,492 issues fell and 1,245 advanced. 
 
The S&amp;P 500 index showed five new 52-week highs and no new lows, while the Nasdaq recorded 55 new highs and 35 new lows. 
 
(Reuters)

US stocks were lower on Friday afternoon as the possibility of a $14 billion fine against Deutsche Bank weighed on financial stocks

US stocks were lower on Friday afternoon as the possibility of a $14 billion fine against Deutsche Bank weighed on financial stocks, especially on the big Wall Street banks. The settlement proposal, made during negotiations between the US Department of Justice and Deutsche Bank over claims that the German bank mis-sold mortgage-backed securities, was larger than expected. Deutsche Bank's US-listed shares were down 9.4 per cent. Dow components Goldman Sachs and JPMorgan fell 0.9 per cent each. The S&P 500 financial index dropped 0.74 per cent, dragging down the benchmark index the most. The KBW Bank index fell 0.90 per cent, putting it on track for its second straight week of decline. Traders have all but ruled out the possibility of the Federal Reserve raising interest rates at its meeting that starts next Tuesday. Investors will instead look for clues on when the central bank will eventually pull the trigger. At 12:25 a.m. ET (1625 GMT), the Dow Jones Industrial Average was down 63.62 points, or 0.35 per cent, at 18,148.86. The S&P 500 was down 8.16 points, or 0.38 per cent, at 2,139.1. The Nasdaq Composite was down 6.49 points, or 0.12 percent, at 5,243.20. The technology index dropped 0.52 per cent, pulled down by Apple's a 0.8 per cent decline and Oracle's 4.1 per cent drop following a weak quarterly profit. Helping limit losses was Intel's 2.5 per cent gain after the chipmaker raised its third-quarter revenue forecast. The CBOE Market Volatility index Wall Street's "fear gauge", reversed course and was down 0.43 per cent despite the expiry of futures and options on stocks and indexes, or quadruple witching. Declining issues outnumbered advancing ones on the NYSE by 1,989 to 911. On the Nasdaq, 1,492 issues fell and 1,245 advanced. The S&P 500 index showed five new 52-week highs and no new lows, while the Nasdaq recorded 55 new highs and 35 new lows. (Reuters)

Wall Street hit as Deutsche Bank fine risk triggers bank rout

Consumers are flocking to discount apparel retailers, but investors are faced with nothing close to a bargain as stocks in the sector rally. 
 
Few expect shares of off-price retailer TJX Companies&#39; or its peer, Ross Stores, to go on a fire sale next week when they report earnings, as the trends that have favoured them over their higher-priced competitors are expected to persist. 
 
Just this year, TJX shares have gained nearly 17 per cent and Ross Stores has added slightly more, compared with gains closer to seven per cent in both the S&amp;P 500 retail index and the broader S&amp;P 500. 
 
&quot;TJX and Ross have outperformed and will continue to outperform because they are good merchandisers. They get the selection right,&rdquo; said Kim Forrest, senior equity research analyst Fort Pitt Capital Group in Pittsburgh. 
 
&quot;I don&rsquo;t own these and I regret it,&quot; she said, adding that she will wait for a stumble in the price to jump in. 
 
Contrary to the discounts shoppers find at TJX and Ross, investors are faced with a high price for their shares. At near 22 times expected earnings over the next 12 months, their price-to-earnings ratio is at its highest level in at least 15 years, according to Thomson Reuters Datastream. 
 
Both stocks set record closing highs on Friday ahead of TJX&#39;s quarterly report due on Tuesday. Ross is expected to report on Thursday. 
 
But the stock gains could continue, as sales are expected to continue to grow and investors welcome the revenue increase. Same-store sales are expected to have risen 3.3 per cent last quarter for TJX and 2.1 per cent for Ross, according to Thomson Reuters data. 
 
&quot;The off-price sector has developed a successful strategy to keep consumers coming back,&quot; said New York-based Christina Boni, a senior analyst at Moody&#39;s Investors Service. 
 
&quot;Stores have the unique ability to change product offerings quickly, which creates a &#39;scarcity&#39; effect that makes consumers feel more compelled to purchase on the spot, rather than risk someone else beating them to the checkout line,&quot; she said. 
 
Shoppers are indeed favouring discounters, and the competition is trying to catch up. Both Macy&#39;s and Nordstrom talked up their off-price lines - Backstage and Nordstrom Rack - in their most recent earnings reports. 
 
&quot;Consumers have started moving to dollar stores and places like off-price chains&quot; at the expense of Macy&#39;s and other department stores, said Burt Flickinger, managing director at retail consultancy Strategic Resources Group in New York. 
 
Activity in the options market has been leaning toward bets on declines in stock prices in the broad retail sector. In addition, options on discount retailers, including Burlington, TJX companies and Ross Stores, show a similar sense of caution. 
 
Apparel retailers reporting earnings next week include L Brands, Gap Inc and Urban Outfitters. 
 
(Reuters)

Contrary to the discounts shoppers find at TJX and Ross, investors are faced with a high price for their shares

Consumers are flocking to discount apparel retailers, but investors are faced with nothing close to a bargain as stocks in the sector rally. Few expect shares of off-price retailer TJX Companies' or its peer, Ross Stores, to go on a fire sale next week when they report earnings, as the trends that have favoured them over their higher-priced competitors are expected to persist. Just this year, TJX shares have gained nearly 17 per cent and Ross Stores has added slightly more, compared with gains closer to seven per cent in both the S&P 500 retail index and the broader S&P 500. "TJX and Ross have outperformed and will continue to outperform because they are good merchandisers. They get the selection right,” said Kim Forrest, senior equity research analyst Fort Pitt Capital Group in Pittsburgh. "I don’t own these and I regret it," she said, adding that she will wait for a stumble in the price to jump in. Contrary to the discounts shoppers find at TJX and Ross, investors are faced with a high price for their shares. At near 22 times expected earnings over the next 12 months, their price-to-earnings ratio is at its highest level in at least 15 years, according to Thomson Reuters Datastream. Both stocks set record closing highs on Friday ahead of TJX's quarterly report due on Tuesday. Ross is expected to report on Thursday. But the stock gains could continue, as sales are expected to continue to grow and investors welcome the revenue increase. Same-store sales are expected to have risen 3.3 per cent last quarter for TJX and 2.1 per cent for Ross, according to Thomson Reuters data. "The off-price sector has developed a successful strategy to keep consumers coming back," said New York-based Christina Boni, a senior analyst at Moody's Investors Service. "Stores have the unique ability to change product offerings quickly, which creates a 'scarcity' effect that makes consumers feel more compelled to purchase on the spot, rather than risk someone else beating them to the checkout line," she said. Shoppers are indeed favouring discounters, and the competition is trying to catch up. Both Macy's and Nordstrom talked up their off-price lines - Backstage and Nordstrom Rack - in their most recent earnings reports. "Consumers have started moving to dollar stores and places like off-price chains" at the expense of Macy's and other department stores, said Burt Flickinger, managing director at retail consultancy Strategic Resources Group in New York. Activity in the options market has been leaning toward bets on declines in stock prices in the broad retail sector. In addition, options on discount retailers, including Burlington, TJX companies and Ross Stores, show a similar sense of caution. Apparel retailers reporting earnings next week include L Brands, Gap Inc and Urban Outfitters. (Reuters)

Wall Street: Cheap clothes make for pricey stocks at TJX, Ross

Asian stocks inched up on Friday, after a surge in oil prices helped propel Wall Street to record highs overnight, while Chinese economic indicators that missed expectations did not dent gains in mainland shares. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan nudged up 0.2 per cent. It was on track to gain 1.9 per cent for the week. 
 
Both China&#39;s CSI300 index and the Shanghai Composite rose about 0.5 pe rcent after fixed asset investment, retail sales and industrial output all rose but were below expectations. Both indexes were headed for gains of about 1.4 per cent for the week. 
 
Fixed asset investment from January to July increased by 8.1 per cent from a year earlier, the slowest rate in more than 16 years, compared with expectations for 8.8 per cent. 
 
July retail sales increased 10.2 per cent, versus 10.6 per cent the previous month and a forecast 10.5 per cent. Industrial output rose 6.0 per cent from a year earlier, slowing from June&#39;s 6.2 per cent and just missing forecasts of 6.1 per cent. 
 
Hong Kong shares rose 0.7 per cent and were at their highest in more than eight months. 
 
Japan&#39;s Nikkei rose 0.7 per cent on a slightly weaker yen, and is poised to end the week 3.7 per cent higher. 
 
South Korea&#39;s Kospi, which touched the highest level since July 2015, was little changed. Australian stocks gained 0.3 per cent. 
 
The S&amp;P 500, the Dow and Nasdaq all closed at historic highs on Thursday for the first time since 1999 on higher crude oil and upbeat corporate results. 
 
The pan-European FTSEurofirst 300 stock index also jumped, climbing 0.85 per cent to its highest close since late May. 
 
MSCI&#39;s 46-country All World index held close to a one-year high touched overnight. 
 
Supporting investor appetite for risk, oil prices climbed more than 4 per cent overnight after a Saudi oil minister hinted at possible action to stabilise prices and triggered a round of buying. 
 
They retained that momentum on Friday, with US crude futures up 0.5 per cent at $43.72 a barrel, on track to gain 4.5 per cent on the week. 
 
Global benchmark Brent crude climbed 0.3 per cent to $46.18, set to end the week 4.6 per cent higher. 
 
&quot;Asia Pacific markets are set to finish the week on a high following strong leads from European and US investors,&quot; wrote Michael McCarthy, chief market strategist at CMC Markets. 
 
&quot;Industrial commodities rose, led by oil, and overnight trading displayed &#39;risk on&#39; characteristics despite the lack of an obvious trigger. Important data from China may change the course of the trading day.&quot; 
 
Global markets will also sift through the string of US data, notably retail sales, due later in the session for latest cues about the world&#39;s largest economy and whether it is robust enough to withstand further monetary tightening. 
 
US retail sales are expected to show a 0.4 per cent monthly increase in July, according to the median estimate of 64 economists polled by Reuters. 
 
In currencies, the dollar rose after San Francisco Fed President John Williams told the Washington Post that the US central bank should raise rates this year because of improving labour market conditions and the likelihood that inflation is heading higher. 
 
The greenback inched up 0.1 per cent to 102.035 yen after gaining 0.7 per cent on Thursday, and is heading for a 0.25 per cent weekly rise. The euro was steady at $1.11375 after losing 0.3 per cent overnight. 
 
The dollar index, which tracks the greenback against a basket of six major peers, rose 0.1 per cent to 95.924, but was on track for a loss of 0.3 per cent for the week. 
 
The New Zealand dollar slipped 0.1 per cent to $0.7202 after surging on Thursday to $0.7351, its highest in more than a year after the Reserve Bank of New Zealand cut rates by 25 basis points to 2.0 per cent, a smaller cut than some investors had expected. 
 
The Australian dollar dipped 0.3 per cent to $0.7678 . 
 
(Reuters) 
 
 
&nbsp;

Hong Kong shares rose 0.7 per cent and were at their highest in eight months,?Japan's Nikkei rose 0.7 per cent on a slightly weaker Yen

Asian stocks inched up on Friday, after a surge in oil prices helped propel Wall Street to record highs overnight, while Chinese economic indicators that missed expectations did not dent gains in mainland shares. MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.2 per cent. It was on track to gain 1.9 per cent for the week. Both China's CSI300 index and the Shanghai Composite rose about 0.5 pe rcent after fixed asset investment, retail sales and industrial output all rose but were below expectations. Both indexes were headed for gains of about 1.4 per cent for the week. Fixed asset investment from January to July increased by 8.1 per cent from a year earlier, the slowest rate in more than 16 years, compared with expectations for 8.8 per cent. July retail sales increased 10.2 per cent, versus 10.6 per cent the previous month and a forecast 10.5 per cent. Industrial output rose 6.0 per cent from a year earlier, slowing from June's 6.2 per cent and just missing forecasts of 6.1 per cent. Hong Kong shares rose 0.7 per cent and were at their highest in more than eight months. Japan's Nikkei rose 0.7 per cent on a slightly weaker yen, and is poised to end the week 3.7 per cent higher. South Korea's Kospi, which touched the highest level since July 2015, was little changed. Australian stocks gained 0.3 per cent. The S&P 500, the Dow and Nasdaq all closed at historic highs on Thursday for the first time since 1999 on higher crude oil and upbeat corporate results. The pan-European FTSEurofirst 300 stock index also jumped, climbing 0.85 per cent to its highest close since late May. MSCI's 46-country All World index held close to a one-year high touched overnight. Supporting investor appetite for risk, oil prices climbed more than 4 per cent overnight after a Saudi oil minister hinted at possible action to stabilise prices and triggered a round of buying. They retained that momentum on Friday, with US crude futures up 0.5 per cent at $43.72 a barrel, on track to gain 4.5 per cent on the week. Global benchmark Brent crude climbed 0.3 per cent to $46.18, set to end the week 4.6 per cent higher. "Asia Pacific markets are set to finish the week on a high following strong leads from European and US investors," wrote Michael McCarthy, chief market strategist at CMC Markets. "Industrial commodities rose, led by oil, and overnight trading displayed 'risk on' characteristics despite the lack of an obvious trigger. Important data from China may change the course of the trading day." Global markets will also sift through the string of US data, notably retail sales, due later in the session for latest cues about the world's largest economy and whether it is robust enough to withstand further monetary tightening. US retail sales are expected to show a 0.4 per cent monthly increase in July, according to the median estimate of 64 economists polled by Reuters. In currencies, the dollar rose after San Francisco Fed President John Williams told the Washington Post that the US central bank should raise rates this year because of improving labour market conditions and the likelihood that inflation is heading higher. The greenback inched up 0.1 per cent to 102.035 yen after gaining 0.7 per cent on Thursday, and is heading for a 0.25 per cent weekly rise. The euro was steady at $1.11375 after losing 0.3 per cent overnight. The dollar index, which tracks the greenback against a basket of six major peers, rose 0.1 per cent to 95.924, but was on track for a loss of 0.3 per cent for the week. The New Zealand dollar slipped 0.1 per cent to $0.7202 after surging on Thursday to $0.7351, its highest in more than a year after the Reserve Bank of New Zealand cut rates by 25 basis points to 2.0 per cent, a smaller cut than some investors had expected. The Australian dollar dipped 0.3 per cent to $0.7678 . (Reuters)

Asia rises on Wall Street's record highs while China data misses forecasts

US stocks traded near record highs today morning as a rise in technology stocks added to the lift from steadying oil prices. 
 
Oil edged further above $45 on estimates of a drop in US inventories and speculation of producer action to freeze output. 
 
&quot;Today, it seems like whatever oil does, equities will follow,&quot; said Peter Cardillo, chief market economist at First Standard Financial in New York. 
 
The S&amp;P 500 index&#39;s technology index rose 0.17 per cent, helped by gains in Cisco, which rose 0.7 per cent after Citigroup raised its price target. The stock gave the biggest boost to the S&amp;P and the Nasdaq. 
 
Microchip Tech soared 9.4 per cent to $61.980 after the company&#39;s first-quarter revenue beat analysts&#39; estimate. 
 
A forecast-beating payrolls report on Friday has helped bring back some of the risk-on mode in the markets. Safe havens gold and the Japanese yen were lower today. 
 
At 9.42 a.m. ET (1342 GMT), the Dow Jones Industrial Average was up 29.2 points, or 0.16 per cent, at 18,558.49. 
 
The S&amp;P 500 was up 2.26 points, or 0.1 per cent, at 2,183.15, just 2 points shy of its 2,185.44 record high. 
 
The Nasdaq Composite was up 9.67 points, or 0.19 per cent, at 5,222.81. 
 
Seven of the 10 major S&amp;P 500 indexes were higher, led by a 0.28 per cent rise in the materials sector. 
 
Valeant jumped 11.67 per cent after the company maintained its full-year forecast and said it was evaluating alternatives for its non-core business and geographies. 
 
Endo International surged 10.5 per cent to $20.12 after the drugmaker&#39;s second-quarter revenue and profit beat estimates. The stock was the top percentage gainer among S&amp;P 500 companies. 
 
Advancing issues outnumbered decliners on the NYSE by 1,583 to 1,039. On the Nasdaq, 1,393 issues rose and 908 fell. 
 
The S&amp;P 500 index showed 18 new 52-week highs and no new lows, while the Nasdaq recorded 41 new highs and eight new lows. 
 
(Reuters)

Oil edged further above $45 on estimates of a drop in US inventories

US stocks traded near record highs today morning as a rise in technology stocks added to the lift from steadying oil prices. Oil edged further above $45 on estimates of a drop in US inventories and speculation of producer action to freeze output. "Today, it seems like whatever oil does, equities will follow," said Peter Cardillo, chief market economist at First Standard Financial in New York. The S&P 500 index's technology index rose 0.17 per cent, helped by gains in Cisco, which rose 0.7 per cent after Citigroup raised its price target. The stock gave the biggest boost to the S&P and the Nasdaq. Microchip Tech soared 9.4 per cent to $61.980 after the company's first-quarter revenue beat analysts' estimate. A forecast-beating payrolls report on Friday has helped bring back some of the risk-on mode in the markets. Safe havens gold and the Japanese yen were lower today. At 9.42 a.m. ET (1342 GMT), the Dow Jones Industrial Average was up 29.2 points, or 0.16 per cent, at 18,558.49. The S&P 500 was up 2.26 points, or 0.1 per cent, at 2,183.15, just 2 points shy of its 2,185.44 record high. The Nasdaq Composite was up 9.67 points, or 0.19 per cent, at 5,222.81. Seven of the 10 major S&P 500 indexes were higher, led by a 0.28 per cent rise in the materials sector. Valeant jumped 11.67 per cent after the company maintained its full-year forecast and said it was evaluating alternatives for its non-core business and geographies. Endo International surged 10.5 per cent to $20.12 after the drugmaker's second-quarter revenue and profit beat estimates. The stock was the top percentage gainer among S&P 500 companies. Advancing issues outnumbered decliners on the NYSE by 1,583 to 1,039. On the Nasdaq, 1,393 issues rose and 908 fell. The S&P 500 index showed 18 new 52-week highs and no new lows, while the Nasdaq recorded 41 new highs and eight new lows. (Reuters)

Wall Street near record highs as oil, tech stocks lift

Former Wall Street banker Pedro Pablo Kuczynski was inaugurated as Peru&#39;s new president yesterday, vowing to kick-start the economy and unite a country torn by a photo-finish election. 
 
The 77-year-old centre-right economist extended an olive branch to defeated rival Keiko Fujimori&#39;s party, which controls Congress, saying he would need their help to pass reforms. 
 
He promised to work for all Peruvians, outlining his vision for a &quot;social revolution&quot; in his inaugural address before Congress. 
 
&quot;I will seek equity, equality and fraternity among all Peruvians,&quot; said the man known simply as PPK. 
 
Peru needs &quot;not just economic, but human growth,&quot; he said, vowing to extend basic services such as schools, hospitals and drinking water to the one-third of Peruvians who lack them. 
 
The normally staid Kuczynski, who is known as a technocrat with a stellar resume, choked up as he took the oath of office, then donned his new red and white presidential sash over his pinstriped suit. 
 
Peru is one of Latin America&#39;s fastest growing economies, but growth slowed under outgoing leftist president Ollanta Humala, from 6.5 per cent in 2011 to 3.3 percent last year. 
 
Kuczynski vowed to stimulate the economy, revive the key mining sector, fight the poverty that affects 22 per cent of Peruvians, crack down on corruption, and strengthen the police and prisons to reduce crime. 
 
The Fujimori problem 
 
Foreign investors and markets have welcomed the new president as a reliable pair of hands. 
 
&quot;Kuczynski&#39;s government is likely to remain highly supportive of foreign investment, with minimalist state intervention,&quot; said Diego Moya-Ocampos of consultancy IHS Country Risk. 
 
He predicted Kuczynski would seek to expand Peru&#39;s domestic refining and smelting capacity, and pointed out that his first scheduled trip is to China - which he called a key player in the president&#39;s strategy to make Peru a &quot;metallurgical powerhouse.&quot; 
 
But a large bump is lurking in the road.&nbsp;Kuczynski&#39;s party, the centre-right Peruvians for Change, has just 18 seats in the 130-member Congress. 
 
The new legislature is dominated by allies of Fujimori, the daughter of disgraced and jailed ex-president Alberto Fujimori.&nbsp;Her right-wing party, Popular Force, has 73 lawmakers in Congress. 
 
None of them applauded at any point during the inauguration, Kuczynski&#39;s camp complained.&nbsp;It could prove tough for the new president to advance his reform agenda. 
 
There may be lingering bad blood from the election. Fujimori took five days to concede as results trickled in from the remote reaches of the Peruvian Amazon. 
 
In the end she had little choice but to recognise defeat, by less than a quarter of a percentage point. 
 
The race opened old wounds dating back to the 1990s, when Fujimori&#39;s father was president. 
 
Now serving a 25-year prison sentence for massacres by an army death squad, Alberto Fujimori (1990-2000) is fondly remembered by some Peruvians for his populist streak, his ruthless crackdown on the leftist rebel group Shining Path and his management of a strong economy. 
 
But his authoritarian legacy was also heavy baggage for his daughter. 
 
Her 78-year-old father&#39;s supporters are now pressuring Kuczynski to pardon him. 
 
The president-elect has said he is willing to sign a law granting house arrest to elderly and ailing prisoners such as Fujimori, but will not issue a pardon. 
 
&#39;El Gringo&#39; 
 
Kuczynski, the son of a Jewish doctor who fled Nazi Germany, has had a long career in business and finance. 
 
Educated at Oxford University and Princeton, he has an impressive resume including stints as economy minister and a World Bank economist. 
 
He stressed his age and experience during the campaign. 
 
&quot;I&#39;m old, but my noggin is still working,&quot; he said.&nbsp;But he sometimes struggles to connect with ordinary Peruvians. 
 
He speaks Spanish with an American accent, betraying his long years in the United States. Some Peruvians call him &quot;El Gringo.&quot; 
 
Seeking to lighten the burden of his outsider status, he donned a traditional multicolored woolly hat at campaign rallies, played the flute and trotted out his mascot, a man-sized guinea pig - a symbol of Peru. 
 
(AFP)

The Pedro Kuczynski choked as he took the oath of office. He vowed to kick-start the economy and bring about a social revolution

Former Wall Street banker Pedro Pablo Kuczynski was inaugurated as Peru's new president yesterday, vowing to kick-start the economy and unite a country torn by a photo-finish election. The 77-year-old centre-right economist extended an olive branch to defeated rival Keiko Fujimori's party, which controls Congress, saying he would need their help to pass reforms. He promised to work for all Peruvians, outlining his vision for a "social revolution" in his inaugural address before Congress. "I will seek equity, equality and fraternity among all Peruvians," said the man known simply as PPK. Peru needs "not just economic, but human growth," he said, vowing to extend basic services such as schools, hospitals and drinking water to the one-third of Peruvians who lack them. The normally staid Kuczynski, who is known as a technocrat with a stellar resume, choked up as he took the oath of office, then donned his new red and white presidential sash over his pinstriped suit. Peru is one of Latin America's fastest growing economies, but growth slowed under outgoing leftist president Ollanta Humala, from 6.5 per cent in 2011 to 3.3 percent last year. Kuczynski vowed to stimulate the economy, revive the key mining sector, fight the poverty that affects 22 per cent of Peruvians, crack down on corruption, and strengthen the police and prisons to reduce crime. The Fujimori problem Foreign investors and markets have welcomed the new president as a reliable pair of hands. "Kuczynski's government is likely to remain highly supportive of foreign investment, with minimalist state intervention," said Diego Moya-Ocampos of consultancy IHS Country Risk. He predicted Kuczynski would seek to expand Peru's domestic refining and smelting capacity, and pointed out that his first scheduled trip is to China - which he called a key player in the president's strategy to make Peru a "metallurgical powerhouse." But a large bump is lurking in the road. Kuczynski's party, the centre-right Peruvians for Change, has just 18 seats in the 130-member Congress. The new legislature is dominated by allies of Fujimori, the daughter of disgraced and jailed ex-president Alberto Fujimori. Her right-wing party, Popular Force, has 73 lawmakers in Congress. None of them applauded at any point during the inauguration, Kuczynski's camp complained. It could prove tough for the new president to advance his reform agenda. There may be lingering bad blood from the election. Fujimori took five days to concede as results trickled in from the remote reaches of the Peruvian Amazon. In the end she had little choice but to recognise defeat, by less than a quarter of a percentage point. The race opened old wounds dating back to the 1990s, when Fujimori's father was president. Now serving a 25-year prison sentence for massacres by an army death squad, Alberto Fujimori (1990-2000) is fondly remembered by some Peruvians for his populist streak, his ruthless crackdown on the leftist rebel group Shining Path and his management of a strong economy. But his authoritarian legacy was also heavy baggage for his daughter. Her 78-year-old father's supporters are now pressuring Kuczynski to pardon him. The president-elect has said he is willing to sign a law granting house arrest to elderly and ailing prisoners such as Fujimori, but will not issue a pardon. 'El Gringo' Kuczynski, the son of a Jewish doctor who fled Nazi Germany, has had a long career in business and finance. Educated at Oxford University and Princeton, he has an impressive resume including stints as economy minister and a World Bank economist. He stressed his age and experience during the campaign. "I'm old, but my noggin is still working," he said. But he sometimes struggles to connect with ordinary Peruvians. He speaks Spanish with an American accent, betraying his long years in the United States. Some Peruvians call him "El Gringo." Seeking to lighten the burden of his outsider status, he donned a traditional multicolored woolly hat at campaign rallies, played the flute and trotted out his mascot, a man-sized guinea pig - a symbol of Peru. (AFP)

Former Wall Street banker Kuczynski sworn in as Peruvian president

Wall Street was set to open higher today, setting the stage for the Dow and S&amp;P 500 to hit fresh highs, as US corporate reports continue to top expectations. 
 
Equity futures, which dipped after the close on Friday, shrugged off the impact of an attempted coup in Turkey. 
 
With the S&amp;P and Dow hitting record intraday highs almost everyday last week, investors will assess the quality of second-quarter earnings to justify stock valuations. 
 
&quot;The markets are going to be driven by earnings reports while geopolitical problems take a backseat for now,&quot; said Peter Cardillo, chief market economist at First Standard Financial in New York. 
 
Bank of America profits show corporations making money&nbsp; 
 
Bank of America, the number 2 US bank by assets, and fellow S&amp;P component Hasbro posted better than expected profit for the second quarter, mirroring the results of the few companies, including big banks, that reported last week. 
 
&quot;The handful of results that we have got have been okay and earnings have mostly beaten expectations. It shows that corporations are still making money, and that&#39;s what counts,&quot; Cardillo said. 
 
Dow e-minis were up 32 points, or 0.17 per cent at 8:27 a.m. ET (1227 GMT), with 28,500 contracts changing hands. 
 
S&amp;P 500 e-minis were up 5.75 points, or 0.27 per cent, with 186,056 contracts traded. 
 
Nasdaq 100 e-minis were up 10.5 points, or 0.23 per cent, on volume of 25,766 contracts. 
 
Bank of America shares rose nearly 1 per cent to $13.79 premarket. Hasbro was off 0.6 pe rcent. 
 
Investors favouring riskier assets? &nbsp; 
 
British chip designer ARM&#39;s US-listed shares surged 43.5 per cent to $67.64 premarket, after Japan&#39;s SoftBank agreed to buy the company for $32.2 billion. 
 
A host of US chip stock such as Micron, Nvidia and Broadcom were up between 1.0 and 1.5 per cent. 
 
Earnings of S&amp;P 500 companies are now estimated to have declined 4.7 per cent in the second quarter, less than the 5 per cent drop estimated earlier, according to Thomson Reuters data. 
 
That adds to hopes that earnings contraction bottomed out in the previous quarter, a view that could be reinforced when IBM, Yahoo and Netflix report results after markets close. 
 
Gold prices have fallen, while the yen was lower, indicating investors&#39; favour for more riskier assets has been growing after weeks of uncertainty. Low Treasury yields in recent weeks have also helped steer investors to equities. 
 
(Reuters)&nbsp; 
&nbsp;

Equity futures, which dipped after the close on Friday, shrugged off the impact of an attempted coup in Turkey

Wall Street was set to open higher today, setting the stage for the Dow and S&P 500 to hit fresh highs, as US corporate reports continue to top expectations. Equity futures, which dipped after the close on Friday, shrugged off the impact of an attempted coup in Turkey. With the S&P and Dow hitting record intraday highs almost everyday last week, investors will assess the quality of second-quarter earnings to justify stock valuations. "The markets are going to be driven by earnings reports while geopolitical problems take a backseat for now," said Peter Cardillo, chief market economist at First Standard Financial in New York. Bank of America profits show corporations making money Bank of America, the number 2 US bank by assets, and fellow S&P component Hasbro posted better than expected profit for the second quarter, mirroring the results of the few companies, including big banks, that reported last week. "The handful of results that we have got have been okay and earnings have mostly beaten expectations. It shows that corporations are still making money, and that's what counts," Cardillo said. Dow e-minis were up 32 points, or 0.17 per cent at 8:27 a.m. ET (1227 GMT), with 28,500 contracts changing hands. S&P 500 e-minis were up 5.75 points, or 0.27 per cent, with 186,056 contracts traded. Nasdaq 100 e-minis were up 10.5 points, or 0.23 per cent, on volume of 25,766 contracts. Bank of America shares rose nearly 1 per cent to $13.79 premarket. Hasbro was off 0.6 pe rcent. Investors favouring riskier assets? British chip designer ARM's US-listed shares surged 43.5 per cent to $67.64 premarket, after Japan's SoftBank agreed to buy the company for $32.2 billion. A host of US chip stock such as Micron, Nvidia and Broadcom were up between 1.0 and 1.5 per cent. Earnings of S&P 500 companies are now estimated to have declined 4.7 per cent in the second quarter, less than the 5 per cent drop estimated earlier, according to Thomson Reuters data. That adds to hopes that earnings contraction bottomed out in the previous quarter, a view that could be reinforced when IBM, Yahoo and Netflix report results after markets close. Gold prices have fallen, while the yen was lower, indicating investors' favour for more riskier assets has been growing after weeks of uncertainty. Low Treasury yields in recent weeks have also helped steer investors to equities. (Reuters)

Wall Street gears up for upbeat earnings

The Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. 
 
But equity futures fell after the closing bell following reports of a coup in Turkey. The military said it had seized power, but the Turkish Prime Minister later asserted the attempted coup was put down. 
 
&quot;US (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation,&quot; said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. 
 
&quot;How it plays out depends on what the effects are by the time markets open on Monday. It is unclear right now who is in control,&quot; he said.&nbsp; 
 
A US exchange-traded fund that follows the Turkish stock market dropped sharply near the end of the session and was down 6 per cent after the bell. 
 
S&amp;P 500 e-mini futures hit a session low down 0.65 per cent after the reports, but pared the loss and were down 0.5 per cent. 
 
Jacobsen added: &quot;I don`t think this spills over to other countries. This isn&rsquo;t like the Arab Spring of 2011 where there was a cascade of anti-government protests in favour of democratic reforms. The issues Turkey is wrestling with seem unique to Turkey.&quot; 
 
&#39;US retail sales rose more than expected in June&#39;&nbsp; 
 
During the normal-hours session, consumer stocks led declines on the S&amp;P 500 while the financial sector posted a less than 0.2 per cent drop, even as Wells Fargo, whose profits fell in the second quarter, fell 2.5 per cent to $47.71 to rank as the largest weight on the S&amp;P. 
 
But expectations for S&amp;P earnings ticked up to a 4.7 per cent decline from a view of a 5-per cent drop earlier in the week, cementing hopes that an earnings contraction bottomed in the first quarter. 
 
Adding to investor confidence, US retail sales rose more than expected in June, bolstering views that economic growth picked up in the second quarter. 
 
&quot;When you go into earnings season with negative bias in the market it bodes well for stocks. Any positive surprises will force shorts to cover and gives an upbeat tone,&quot; said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey. 
 
Three major indexes close their third week of gains&nbsp; 
 
The Dow Jones industrial average, DJI, rose 10.14 points, or 0.05 per cent, to 18,516.55, the S&amp;P 500 lost 2.01 points, or 0.09 per cent, to 2,161.74 and the Nasdaq Composite dropped 4.47 points, or 0.09 per cent, to 5,029.59. 
 
The Dow closed at a record high and joined the S&amp;P 500 in posting fresh intraday historic highs. The three major indexes closed their third week of gains, a period in which the S&amp;P advanced more than 6 percent. 
 
Market reaction on Friday to a Thursday attack in France that killed more than 80 people was limited to declines in travel and leisure company shares. 
 
Herbalife jumped 9.9 percent to $65.25 after the weight-loss products maker agreed to pay $200 million and change the way it does business to avoid being labelled a pyramid scheme by regulators. 
 
Advancing issues outnumbered declining ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.12-to-1 ratio favoured advancers. 
 
The S&amp;P 500 posted 26 new 52-week highs and no new lows; the Nasdaq Composite recorded 77 new highs and 18 new lows. 
About 6.1 billion shares changed hands in U.S. exchanges, below the 7.8 billion daily average over the past 20 sessions.&nbsp; 
 
(Reuters)&nbsp; 
 
&nbsp;

'US (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation'

The Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. But equity futures fell after the closing bell following reports of a coup in Turkey. The military said it had seized power, but the Turkish Prime Minister later asserted the attempted coup was put down. "US (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. "How it plays out depends on what the effects are by the time markets open on Monday. It is unclear right now who is in control," he said. A US exchange-traded fund that follows the Turkish stock market dropped sharply near the end of the session and was down 6 per cent after the bell. S&P 500 e-mini futures hit a session low down 0.65 per cent after the reports, but pared the loss and were down 0.5 per cent. Jacobsen added: "I don`t think this spills over to other countries. This isn’t like the Arab Spring of 2011 where there was a cascade of anti-government protests in favour of democratic reforms. The issues Turkey is wrestling with seem unique to Turkey." 'US retail sales rose more than expected in June' During the normal-hours session, consumer stocks led declines on the S&P 500 while the financial sector posted a less than 0.2 per cent drop, even as Wells Fargo, whose profits fell in the second quarter, fell 2.5 per cent to $47.71 to rank as the largest weight on the S&P. But expectations for S&P earnings ticked up to a 4.7 per cent decline from a view of a 5-per cent drop earlier in the week, cementing hopes that an earnings contraction bottomed in the first quarter. Adding to investor confidence, US retail sales rose more than expected in June, bolstering views that economic growth picked up in the second quarter. "When you go into earnings season with negative bias in the market it bodes well for stocks. Any positive surprises will force shorts to cover and gives an upbeat tone," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey. Three major indexes close their third week of gains The Dow Jones industrial average, DJI, rose 10.14 points, or 0.05 per cent, to 18,516.55, the S&P 500 lost 2.01 points, or 0.09 per cent, to 2,161.74 and the Nasdaq Composite dropped 4.47 points, or 0.09 per cent, to 5,029.59. The Dow closed at a record high and joined the S&P 500 in posting fresh intraday historic highs. The three major indexes closed their third week of gains, a period in which the S&P advanced more than 6 percent. Market reaction on Friday to a Thursday attack in France that killed more than 80 people was limited to declines in travel and leisure company shares. Herbalife jumped 9.9 percent to $65.25 after the weight-loss products maker agreed to pay $200 million and change the way it does business to avoid being labelled a pyramid scheme by regulators. Advancing issues outnumbered declining ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.12-to-1 ratio favoured advancers. The S&P 500 posted 26 new 52-week highs and no new lows; the Nasdaq Composite recorded 77 new highs and 18 new lows. About 6.1 billion shares changed hands in U.S. exchanges, below the 7.8 billion daily average over the past 20 sessions. (Reuters)

Dow ends at record high but futures fall flat after attempted coup in Turkey

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