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Wall Street rises in New Year

Wednesday, January 04, 2017 - 01:29

Tech and telecom stocks helped drive the major indexes higher on the first trading day of 2017, extending the post-election rally. Fred Katayama reports.

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U.S. stocks rose on the first trading day of 2017, extending the post-election rally. Tech and telecom stocks led the charge. Financials climbed after Barclays raised price targets on JPMorgan Chase and other banks. Wunderlich Securities' Art Hogan: SOUNDBITE: ART HOGAN, CHIEF MARKET STRATEGIST, WUNDERLICH SECURITIES (ENGLISH) SPEAKING: "The markets opened here this morning with a couple of tailwinds. Both Asian markets and European markets were doing better and we saw some economic data that came out today that was better than expected. So we still have some wind behind our backs in this market." Strong U.S. manufacturing data drove the dollar index to a new 14-year high. Factory activity rose to a two-year high in December. Construction spending increased in November. General Motors stock rose even though U.S. President-elect Donald Trump threatened to slap what he called a "big border tax" for making some Chevy Cruze cars in Mexico. Ford's stock also rose. It's scrapping its plans to build a $1.6 billion plant In Mexico. The move comes after Trump harshly criticized the automaker for its Mexican investment plans. Sprinting higher: Nike. Jefferies named the stock of the athletic footwear maker its best new idea for 2017, anticipating a rebound in the basketball category. In Europe, financial and commodities stocks powered major indexes to new highs. But the German DAX finished flat.

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Wall Street rises in New Year

Wednesday, January 04, 2017 - 01:29