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U.S. equities traded higher on Wednesday as the Dow and S&P hit new record highs, while investors awaited a monetary policy announcement from the
European Central Bank.
"I think this is more momentum from the Trump rally," said Adam Sarhan, CEO at 50 Park Investments. "You've got the financials, transports, steel stocks, small and mid-cap stocks all trading higher. The areas that have worked [since the election] continue to work."
"While all this is happening, you've seen virtually no selling. That's very good for stocks moving forward," he said.
The Dow Jones industrial average gained more than 200 points in afternoon trade with
Home Depot and IBM contributing the most gains. The Dow Transports, meanwhile, traded at their first intraday high since 2014. Since Nov. 8, transports have risen more than 12 percent.The S&P 500 erased earlier losses to rise around 1 percent, with telecoms rallying around 2 percent. The Nasdaq composite rose 0.9 percent despite the
iShares Nasdaq Biotechnology ETF (IBB) shedding around 3 percent.
The S&P 500 erased earlier losses to rise around 1 percent, with telecoms rallying around 2 percent.
The Nasdaq composite rose 0.9 percent despite the
iShares Nasdaq Biotechnology ETF (IBB) shedding around 3 percent.
In oil markets,
West Texas Intermediate futures for January delivery settled 2.3 percent lower at $49.77 per barrel as doubts over an agreed upon OPEC production cut persisted, despite a reported drawdown of 2.4 million barrels by the Energy Information Administration.
Copper - 1.7%
Nickel - 1.7%
Zinc - 2%-
Aluminium - .15%
Gold $ 1173 + $4
HUI + 1.4%
AUD Gold $1570
AUD .7479
Have a good day
