Mon, 13 Jul 2020

Dow Jones closes in record territory

By Jay Jackson, Chile News.Net
21 Sep 2018, 06:38 GMT+10

NEW YORK, New York - The Dow Jones industrials closed at a record high on Thursday, sweeping aside concerns about tariffs and trade wars.

The key index closed the day 251.22 points higher at 26,656.98, a percentage gain of 0.95%.

The Standard and Poor's 500 climbed 22.81 points or 0.78% to 2,930.76.

The tech-laden Nasdaq Composite surged by 78.19 points or 0.98% to 8,028.23.

Larry Fink, the CEO of BlackRock, the world's largest asset manager, belikeves the United States is "a big winner" in the trade war with China "in the short-term," but not necessarily over time.

Fink on Thursday told the "All Markets Summit," hosted by Yahoo Finance, that the U.S. is currently the dominant force in the trade war because U.S. companies are benefiting from the strong dollar. 

"In the long term, however, trade tensions will hurt the United States as they are leading more non-American companies to expand their business ties with China," Fink said, according to the Thomson Reuters news agency.

That view however was not shared in the currency markets where the dollar was taking a hit just as stocks were soaring.

"America is killing itself with these trade tariffs. (They) actually hit America far harder than (they) hit China. The idea that the dollar is all mighty and going to continue to rise is not true," Alasdair Macleod, head of research at told the Reuters Thomson news agency on Thursday.

"Gold traders are sitting on short positions (but) if the dollar comes down another notch or two, shorts in gold will start to panic. When gold starts moving, it (could) start moving very sharply (higher)."

Around the New York close on Thursday, the euro was changing hands at 1.1780. The British pound rose to 1.3270. The Swiss franc was at .9592, while the yen, going against the trend, fell sharply to 112.45.

The Australian dollar rose sharply to 0.7290, while the Canadian dollar was higher at 1.2905. The kiwi dollar rose more than a cent to 0.6688.

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