Varney on Dow Hitting 26000: 'Inexplicable' That Mainstream Media Ignores Rally

Image Courtesy Twitter @Nasdaq

The Standard & Poor's 500 index fell 0.4 percent to 2,776.42.

In data news, US industrial production more than doubled the consensus forecast for December, raising confidence in the domestic economy. UPDATE: DJIA is up over $26,000 again on January 17th. Sceptics have dubbed the latest phase of the bull market a "melt-up", with U.S. shares continuing to rise despite looking overpriced by traditional yardsticks, and warn it could be a last hurrah before a downward correction or crash.

Wall Street surged on Wednesday, with markets hitting new record highs as they shook off the weakness from a day earlier. For the final three quarters of this year earnings growth is expected to be close to 15 percent. But put into context the Dow has risen 4 percent or more over seven trading days 110 times since the market bottomed in March 2009.”.

Hopes of strong quarterly earnings, supported by steep cut in corporate taxes, and solid global economic growth have bolstered Wall Street's optimism in the start to 2018.

Citigroup may have made virtually no earnings for the fourth quarter as a result of the hefty tax charge but its share price rose at open before paring gains to +0.66%.

Benchmark 10-year notes last rose 2/32 in price to yield 2.5462 percent, from 2.552 percent late on Friday. Underscoring the impact of global conditions on the U.S. economy, he noted that the 55 percent of American companies on the S&P 500 that are export-dependent have become even more competitive due to the weakening of the USA dollar, which fell almost 10 percent past year. Just last week, the number of optimistic investors rose to 60 percent the highest number in 7 years.

New tax legislation is helping to fuel corporate earnings.

The Nasdaq composite gained 74 points, or 1 percent, to 7,298.

Financials increased 0.9% after earlier declines as gains in insurers helped counter banks that declined after earnings reports. Both Dow and S&P 500 futures were roughly unchanged.

Meanwhile, the dollar tried to break a four-session losing run on Tuesday, edging up as U.

Viacom fell 5.4 percent after sources told Reuters CBS Corp and the company were not in active merger discussions.

Specialist Meric Greenbaum, left, works with traders Michael Conlon, center, and Daniel Ryan on the floor of the New York Stock Exchange on Tuesday, Jan. 16, 2018.

The euro slipped to $1.2232 from $1.2181. London's FTSE 100 shed 0.3 percent.

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