03 January 2018


US stocks closed higher on Tuesday led by gains in the technology and energy sector as investor sentiment on equities remained bullish.

The Dow Jones Industrial Average closed higher at 24823.64. The S&P 500 closed 0.83% higher, while the Nasdaq Composite closed at 7006.90, up 1.50%.

US stocks made a positive start to the year amid expectations that solid economic growth would continue, raising the prospect of strong corporate earnings. The prospect of another year of bullish growth offset investor concerns over fresh geopolitical uncertainty.

Reports that China was mobilizing forces on its border with North Korea and continued rioting in Iran had briefly halted the rally but the latter raised the prospect of fresh oil supply disruptions supporting an uptick in energy stocks, lifting the broader index higher.

Also supporting the move higher in equities was an economic report showing final December manufacturing purchasing managers index rose to 55.1 from 53.9 in November.

On the corporate front, Target Corporation (NYSE:TGT) closed 3.6% higher following a report from Loup ventures’ analyst Gene Munter who suggested that the retailer could be bought by Amazon (NASDAQ:AMZN).

The upbeat start to the year for US stocks comes as earnings season draws closer with the financials set to report earnings on Dec. 12.

‘Bulls and Bears’ on Wall Street

The top Dow gainers for the session: Walt Disney Company (NYSE:DIS) up 4%, General Electric Company (NYSE:GE) up 3% and Chevron Corporation (NYSE:CVX) corp up 1.9%

The Travelers Companies Inc (NYSE:TRV) down 2.7%, Procter & Gamble Company (NYSE:PG) down 14.4%, and Home Depot Inc (NYSE:HD) down 0.8%, were among the worst Dow performers of the session.


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