Hi everyone,
It seems we are the "pariah group" - however I feel in very good company. Reading the thread was good for my soul yesterday!
Cordially,
Shelia
Wednesday March 18, 5:17 pm Eastern Time
Dow ends at record high as oils, banks rally
By Huw Jones
NEW YORK, March 18 (Reuters) - The Dow turned in a third straight record close on Wednesday after a rally in oil and banking stocks countered profit-taking in tech issues as the bulls still have the upper hand, analysts said.
''We remain in a very powerful bull market, but the intensity of the advance is tiring,'' said Alfred Goldman, analyst at A.D. Edwards & Sons.
The Dow closed unofficially up 25.41 points at 8775.40, its third straight record high. The S&P500 index settled up 5.07 points at 1085.52, also a third straight record close.
Advances led declines by 15 to 13 on volume of 633 million shares.
The Nasdaq ended unofficially up 8.98 points at 1788.28, a record.
The Russell 2000 index of smaller stocks gained 1.07 points to close at 472.18, also a record.
''It's nice that a pariah group, the energy stocks, are getting a big boost due to the big flip up in the price of crude and the fact that they were in a deep, oversold condition,'' Goldman said.
NYMEX April oil jumped $1.13 to end at $14.34 per barrel.
Crude rallied on comments from Venezuela that it would back efforts to reduce worldwide oil output, which would boost crude prices. Leading oil stocks bounced higher.
Exxon Corp (XON - news) closed up 1-11/16 at 64-5/8. Chevron Corp (CHV - news) settled up 1-9/16 at 83-5/8.
Oil services provider Schlumberger Ltd (SLB - news) gained 3-1/4 to 70-3/8 in brisk trading. Halliburton Co (HAL - news) advanced 1-12/16 to 44-15/16. |
