Will Dow Jones (DJIA) Continue Rally After Crashing 19,000 Barrier?
DJIA, S&P 500, and NASDAQ Touch Record Highs
The major stock indexes closed at record highs on Tuesday as the rally in stocks continued. Sentiments remain bullish as the Donald Trump administration takes shape and Trump’s plans for the first 100 days in office were made public.
The Dow Jones Industrial Average (DJIA) crossed the psychological barrier of 19,000 for the first time. The Dow Jones gained about 67 points and closed at 19,023.87.
The S&P 500 index gained about five points to close at 2,202.94. Telecom and real estate sectors posted good gains.
The NASDAQ Composite Index gained 17 points and closed at 5,386.35. Dollar Tree, Inc. (NASDAQ:DLTR) was the top gainer and went up by eight percent on strong third-quarter results.
Analog Devices, Inc. (NASDAQ:ADI) gained over four percent, Broadcom Ltd (NASDAQ:AVGO) gained about three percent and so did Charter Communications, Inc. (NASDAQ:CHTR).
The big loser among stocks was Patterson Companies, Inc. (NASDAQ:PDCO), which plunged 17% as the company reported weak second-quarter results. Also, there were no details on an expected distribution deal with Amazon.com, Inc. (NASDAQ:AMZN).
The other stock that fell sharply was Palo Alto Networks Inc (NYSE:PANW), whose shares tumbled down by over 13% after quarterly results. The company reported slower growth and provided disappointing outlook.
FireEye Inc (NASDAQ:FEYE) slumped more than five percent over analyst downgrade.
Barnes & Noble, Inc. (NYSE:BKS) jumped 10.5% after posting stronger-than-expected second-quarter results.
Among the DJIA stocks, the big gainers were Verizon Communications Inc. (NYSE:VZ), which went up by 2.4%, and Home Depot Inc (NYSE:HD), which went up by almost two percent.
Other gainers in Dow Jones Index were Boeing Co (NYSE:BA) and E I Du Pont De Nemours And Co (NYSE:DD).
Visa Inc (NYSE:V) and Johnson & Johnson (NYSE:JNJ) were big losers in the Dow Jones Industrial Average Index; both stocks fell over two percent.
Today, investors shall be looking forward to the results from Deere & Company (NYSE:DE) and the minutes from the Fed’s November meeting.
HP Inc (NYSE:HPQ) shares fell more than two percent in extended trade. The company announced its quarterly results and met earnings expectations. However, the earnings guidance came a tad shy of what analysts were expecting.
As the benchmark indexes are already at fresh highs, all eyes will be on whether they can breach these levels further. The focus would be on the DJIA and whether it can maintain its important psychological level of 19,000. Going by the strong bullish currents in the market at present, it appears that there might be some more upside to the Dow Jones Industrial Average.
