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Dow set to make fresh push to 20,000
December 28, 2016 / 12:40 PM / a year ago

Dow set to make fresh push to 20,000

(Reuters) - Wall Street looked set to open higher on Wednesday, with investors looking for catalysts that would nudge the Dow Jones Industrial Average beyond 20,000, a level it has never breached.

A trader works on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., December 27, 2016. REUTERS/Andrew Kelly

The blue-chip index came within 20 points of the psychological milestone on Tuesday, helped by gains in technology stocks, which also pushed the Nasdaq to a record high.

However, with year-end celebrations around the corner, trading volumes are likely to remain light.

U.S. equities have been riding a post-election rally, feeding on optimism that Donald Trump’s policies would be business friendly, especially to banks and industrials. The rally has also been supported by a spate of strong economic data.

“Even in quiet times, crowd behavior often rules and many investors are looking forward to the new year,” said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey.

“There is still excitement about the bag of surprises that Donald Trump will bring.”

Dow e-minis 1YMc1 were up 37 points, or 0.19 percent at 8:29 a.m. ET, with 10,084 contracts changing hands.

S&P 500 e-minis ESc1 were up 5.5 points, or 0.24 percent, with 47,708 contracts traded.

    Nasdaq 100 e-minis NQc1 were up 17.25 points, or 0.35 percent, on volume of 9,678 contracts.

    The Dow, which has gained the most among the three major Wall Street indexes from the Trump rally, is on track to have its best yearly gains since 2013. The S&P 500 .SPX is set to register a double-digit rise this year, compared with a 0.7 percent decline in 2015.

    The dollar index .DXY rose 0.44 percent and is on track for its best day since Dec. 15 after strong consumer confidence data on Tuesday lifted sentiment.

    Shares of Qualcomm (QCOM.O) fell 1.2 percent to $66.42 after South Korean antitrust regulators fined the chipmaker 1.03 trillion won ($854 million) for what it called unfair business practices in patent licensing and modem chip sales.

    Live Venture (LIVE.O), the owner of internet marketing firm LiveDeal, rose 21.5 percent to $31.70 after saying that it expected 2017 revenue to increase over 50 percent.

    Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva

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