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Wall Street stock markets hit new records during the trading session

Wall Street stock markets hit new records on the first day of the week after investors remain optimistic about the US economy. But the main indices were trading almost unchanged during the session.

The blue-chip index Dow Jones Industrial Average rose by 8 points and hit a new record high of 25,311.99 points within the trade. Dow, however, failed to keep its record and later turned the direction, ending with a minimum decrease of about 10 points.

The S&P 500 benchmark, however, reached a new record level of closed at 2,750 points, albeit with a slight increase of 0.17%.

The technological index Nasdaq Composite also climbed to a new record of 7,160.77 points after a 0.3% growth during the session.

The indexes reached record levels last week and Dow and Nasdaq scored their best four-day start since 2006. The benchmarks passed the key barriers over the past week. Then the Dow, S&P 500 and Nasdaq conquered 25,000, 2,700 and 7,000 points respectively.

The reporting season for the fourth quarter of 2017 starts this week. J.P. Morgan Chase, BlackRock and Wells Fargo are just some of the companies that will be presenting their results by the end of the week. However, the analysts consider that reporting season this time will be complicated, as investors will look for signs that changes to the US tax code will affect each company.

Government bond yields rose in anticipation of speeches by several Federal Reserve representatives later today. The yield on 10-year government bonds reached 2.482%, and two-year government securities – 1.787%.

On the forex markets, the US dollar hit its highest level of more than a week against a basket of currencies on Monday, backed by a depreciation of the euro. The dollar index, which measures its value against six competing currencies, rose by 0.46% to 92.37 points.

On the commodity market, the oil prices recorded a slight change on Monday, trading close to its highest levels in May 2015, after the political concerns in some OPEC countries overshadowed forecasts for higher US oil production. The futures on US crude oil WTI rose by 0.29 USD to 61.73 USD per barrel, while Brent oil appreciated by 0.17 USD to 67.79 USD per barrel. Last week, both varieties reached record highs since May 2015, with Brent rising to 68.27 USD, and WTI growing to 62.21 USD per barrel.

The gold fell, however, shrinking even further from its highest level of three and a half months due to the appreciation of the dollar. The futures on precious metal for deliveries for February dropped by 0.26% to 1,318.90 USD per ounce.

About James McGovern

James McGovern is from Arizona, USA. He is business analyst and writer at Finance Apprise Journal, responsible for finance and trading sections, as well as news from USA and Canada.

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