DJIA Today: Dow Jones Futures Extend Record Rally with Narrow Gains

The Dow Jones Industrial Average notched minor gains on Wednesday that were enough for a new record highs, as gains in energy and discretionary shares offset declines in technology and big pharma.

After a mostly tepid trading session, the blue-chip index rose 17.27 points, or 0.1%, to close at 22,136.13. That was the Dow’s second consecutive record close.

Twenty-one of 30 index members contributed to the gains on Wednesday. Energy giant Chevron Corp (CVX) climbed 1.5%, as oil prices rose to five-week highs amid a bigger than expected rise in commercial crude inventories.

DowDuPont Inc. (DWDP) rose 1.4% and General Electric Co (GE) closed 0.8% higher. The Walt Disney Company (DIS) gained 1%, while Verizon Communications Inc. (VZ) rose by a similar amount.

On the opposite side of the ledger, Apple Inc. (AAPL) declined 0.8% after unveiling the new iPhone X on Tuesday. The sleek new device has all the polish of a top-notch phone, but the $999 price tag has some analysts underwhelmed.

Mining equipment manufacturer Caterpillar Inc. (CAT) fell 1.1%. Pharmaceutical giant Pfizer Inc. (PFE) closed down 0.9% by the end of trading.

The large-cap S&P 500 Index finished slightly higher on Wednesday, as losses in healthcare and technology were offset by strong gains in energy stocks. The index closed up 0.1% at 2,498.37, a new record.

Meanwhile, the technology-focused Nasdaq Composite Index settled up 0.1% at 6,460.19, which was also a new record high

European stocks finished mostly higher on Wednesday in the shadow of Wall Street’s latest record-breaking rally. The Eurozone Stoxx 50 Pr gained 0.3%. Germany’s DAX and France’s CAC 40 each rose 0.2%.

Dow Jones Industrial Average

dow

Sam Bourgi is a financial market analyst for economiccalendar.com. He has more than six years of progressive experience in economic and financial analysis, research consulting and sectoral analysis. As a published author in government, peer-reviewed, online and industry sources, he has developed a fundamental approach to the financial markets with a broad focus on stock indices, commodities and the technology sector. He earned his Bachelor’s Degree from the University of Windsor and Master’s degree from McMaster University.