The global rebound continues on financial markets and the Dow overnight cracked the 19,500 mark for the first time to take its Donald Trump rally to more than 1,200 points.
As a result our market will start today up close to 50 points, or around the 49 point yesterday on the ASX 200.
Gold rose, but oil was a touch weaker, the Aussie dollar is still under 75 US cents as the greenback was firmer.
The Trump rally is now fully fledged around the globe – the weak Australian growth data yesterday was ignored, the possible Italian political and banking crisis has been shrugged off, Brexit is a problem for someone else and those elections in Europe next year, well, all so 2017.
The Dow Jones set its own intraday all-time trading high of 19,558.42 and closed at 19,549.62, its third-straight record close in a row, and a rise of 1.55% on the day.
The Dow is now surging toward cracking 20,000, a psychologically significant level, after topping 19,000 points just a fortnight ago.
From its closing 2016 low of 15,660.18 on February 11, this year, the Dow has gained almost 4,000 points, or about 25%
The S&P 500 index joined the Dow in record territory hitting a record high of 2,241.63 and ending the day at an all-time closing high of 2,241.35, after opening mostly in negative territory. The broad-market index is up about 22% since its February low.
But tech stocks are on the nose. Mr Trump overnight said he would bring drug prices down, sending shares in drug companies and others in the sector lower.
But the Nasdaq rose 1.14% to 5,393.76 this morning, still short of its record close of 5,398.92 on November 25. In fact if you had to pick a sector that could drag the wider market lower, its the techs if the reporting season next February and March produce and big negatives.
Gold edged up $US4 or so to $US174 an ounce – hardly convincing and oil traded down around $US a barrel and dipped under $US50 a barrel for US crude in New York late in the session.
