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article imageAll three main U.S. stock indices hit record highs September 13

By Ken Hanly     Sep 13, 2017 in Business
New York City - All three major U.S. indices rose marginally to record highs Wednesday as energy and consumer energy stocks edged upwards offsetting Apple losses.
Shares of Apple actually dropped 0.8 percent after the new iPhone X launch. Many are concerned that the base price of one thousand dollars there will not be a huge demand for the phone. Some were disappointed as well that the new phone will not be available until November. However, the stock is up 37 percent this year so perhaps some are cashing in on their gains.
Art Hogan of Wunderlich Securities in New York said: "Apple to a certain extent is a 'sell the news' event, A great deal of expectation has been built into the stock." The S & P energy index rose on the news that the global surplus of oil was starting to shrink. The S & P 500 edged up a meager 1.89 points or 0.08 percent to 2,498.37. The Dow Jones Industrial average (DJI) rose 39.2 a bit better but still just 0.18 percent to 22,158.18. The Nasdaq added 5.91 percent or 0.09 percent to 6,460.19. Nevertheless all were new records. The stock market seems to have taken in stride, the erratic performance of Donald Trump and his inability to push through much of his pro-business policies as yet. The standoff with North Korea and the two disastrous hurricanes that hit the US also have not rattled markets as yet. There was also a massive data breach at Equifax the credit score provider.
Target Corp. is looking forward to many sales during the holiday season as it announced that it would hire 100,000 temporary workers this year, 43 percent more than last year. Its shares rose 2.8 percent. Big oil company Chevron also saw its shares rise by 1.5 percent and consumer products giant Amazon also rose by 1.7 percent. These gains helped advance the Dow. The S&P 500 showed 31 new 52-week highs and one new low. The Nasdaq llsted 103 new highs and 17 new lows. The total number of shares traded on the 3 exchanges were about 6.7 billion, above the 20-day average of 5.8 million.
The U.S. dollar rose as producer prices in the U.S. suggested that the economy was robust. The yield on U.S. government debt rose with the U.S. benchmark Treasury note hitting a two and a half week high. The price of crude oil rose although a survey showed that due to the shutdown of a major refinery by Hurricane Harvey there was a surge in crude inventories in the U.S. U.S. crude closed at $49.30 a barrel a rise of $1.07 a barrel. Brent rose 89 cents to $55.16 a barrel. Abhishek Kumar, senior energy analysts at Interfax Energy's Global Gas Analytics based in London said: "A sharp rebound in U.S. oil production compared with last week has limited gains in crude prices as concerns grow that oil output is recovering faster than refining capacity coming online."
In contrast to stocks, cryptocurrencies appear to be continuing a downward spiral in prices for the most important coins.
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