Monday, 20 February 2017

Dow edges up to seventh straight record high

The Dow Jones Industrial Average barely reached a seventh straight record high on Friday and the S&P 500 and Nasdaq also closed at a record as gains in Kraft Heinz helped offset selling in energy stocks. After suffering losses for most of the session, the Dow and S&P 500 turned positive in the final minutes of a week fuelled by the "Trump Rally" that has seen stocks surge since the November presidential election. 

"Corporate earnings are fine, the economy's fine, the Fed's going to raise rates, and that's great for financials," said John Canally, chief economic strategist for LPL Financial. Kraft Heinz jumped 10.74 percent after it said it would continue to pursue a USD 143 billion bid for Unilever , despite being rebuffed. Unilever's US-listed shares surged 14.00 percent.

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