Published: Sat, January 20, 2018
Finance | By Kristine Clayton

Asian shares track weakness on Wall St; China shares higher

Asian shares track weakness on Wall St; China shares higher

The ride may not be over, either, as analysts suggested the Dow Jones Industrial Average stock index could see more gains in the months ahead as investors and traders fixate on the distant goal of topping 30,000 points.

A trader works at the New York Stock Exchange. UPDATE: DJIA is up over $26,000 again on January 17th.

Markets were supported by signs that U.S lawmakers could pass a stopgap measure to fund the government into February, and as the Federal Reserve's Beige Book showed the economy is continuing to expand with modest to moderate growth in most regions.

A broad rally on Wall Street propelled the Dow Jones industrial average to close above 26,000 points for the first time Wednesday. The S&P 500 index has closed lower only twice this year.

Volume on USA exchanges was 8.30 billion shares, compared to the 6.48 billion average over the last 20 trading days.

Japan's Nikkei 225 index lost 0.4 percent, while the Kospi in South Korea shed 0.3 percent.

The Russell 2000 is up 37.46 points, or 2.4 percent. Excluding Russell Stover, Lindt posted a 5.9 percent increase in organic sales a year ago, it said.

Industrial stocks rose after the Federal Reserve said US industrial production increased 0.9 percent in December.

"U.S. equity markets are really turning on the afterburners now and it is really being validated by earnings and the economic data that is providing a really constructive outlook for the broader economy", said Peter Kenny, senior market strategist at Global Markets Advisory Group, in NY.

Nine of the 11 major S&P sectors were higher, led by a 1.1 percent gain in the consumer staples index.SPLRCS and a 0.9 percent rise in consumer discretionary stocks.SPLRCD. Bank of America lost 0.2% while Goldman lost 1.9%.

In other news, Director Mark Edward Thompson sold 1,000,000 shares of the business's stock in a transaction that occurred on Tuesday, November 7th.

The Japanese yen was flat at 110.54 per dollar, the first retreat in more than a week.

The euro was little changed at $1.2268.

ENERGY: Benchmark U.S. crude picked up 15 cents to $63.88 per barrel in electronic trading on the New York Mercantile Exchange. Australia's S&P/ASX 200 dropped 0.5 percent to 6,015.80.

However, Bitcoin slid as much as 18% on Tuesday to a four-week low, leaving it just above $11,000 amid fresh fears of a regulatory crackdown. India's Sensex added 0.8 percent to 35,035.49.

Like this: