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Dow Jones (DJIA) Futures Extend Record Streak as Defense Contractors, Pharmaceuticals Lead

16 September 2017

US stocks rose to weekly gains, capping off a stretch that included four straight records for the Dow Jones Industrial Average.

The Dow Jones Industrial Average climbed 64.86 (+0.29 percent) to close at 22,268.34 for a fourth record close.

US equity indexes finished the day mixed, with the Dow Jones Industrial Average closing at a record, while the S&P 500 and the Nasdaq Composite slipped to lower levels.

Energy companies rose as the price of USA crude oil rose to a six-week high.

The Dow's third consecutive all-time high was driven in part by Boeing BA.N, which rose 1.36 percent after Deutsche Bank raised its price target on the aerospace and defense stock.

CLOUDY FORECAST: Oracle's first-quarter profit and sales were better than investors expected, but the software maker sank as analysts were concerned about forecasts for its cloud computing business.

The energy index climbed 0.39% after USA crude hit $50 per barrel for the first time since 10 August on a bullish demand forecast by the International Energy Agency. Shares of Johnson & Johnson Co (JNJ) also rose 1.4%.

Hong Kong stocks fell on the Chinese numbers with the Hang Seng index down 0.4 per cent, to 27,777.20, while the China Enterprises Index lost 0.8 per cent, to 11,101.14 points. Yields rise as bond prices fall. Haliburton increased 1.2 percent. The benchmark 10-year yield started the week near 2.09%; it traded around 2.19% Friday. USA crude for October delivery finished the week up 5.1% at $49.89 a barrel.

Britain's FTSE 100 fell 1.1 percent while the French CAC 40 rose 0.1 percent and Germany's DAX fell 0.1 percent.

Pfizer rose 2.1 percent Thursday, while Disney and Facebook each dropped 1 percent. Interest rates also rose, which helped banks, as they stand to make more money from lending. Brent crude, used to price global oils, fell 2 cents to $55.45 barrel in London.

The dollar slid to 110.54 yen from 110.66 yen. The euro jumped to $1.1958 from $1.1914. The S&P 500, on the other hand, was dragged down by poor performances of healthcare and consumer discretionary stocks, finishing the day 0.1% lower at 2,496. South Korea's Kospi recouped initial losses to end 0.4 percent higher.

Dow Jones (DJIA) Futures Extend Record Streak as Defense Contractors, Pharmaceuticals Lead