Arab Today, arab today dow rises to new record as nasdaq retreats
Last Updated : GMT 05:43:04
Arab Today, arab today
Arab Today, arab today

Dow rises to new record as Nasdaq retreats

Arab Today, arab today

Arab Today, arab today Dow rises to new record as Nasdaq retreats

New York - AFP

The Dow Jones Industrial Average Wednesday climbed to a new record, even as investors punished some tech names after Tesla earnings disappointed. The Dow jumped 128.66 (0.82 percent) to 15,746.88, busting a previous record from October 29. The broad-based S&P 500 also closed 7.52 (0.43 percent) higher at 1,770.49, narrowly missing another record, but the tech-rich Nasdaq Composite Index fell 7.92 (0.20 percent) to 3,931.95. Electric-car company Tesla, which has risen more than four-fold in 2013, fell 14.5 percent after the company missed profit and revenue expectations. But the poor Tesla report turned sentiment against a number of other companies like Facebook (-2.0 percent), Netflix (-1.7 percent) and Priceline (-2.2 percent) that have surged in recent months. "Money is leaving the Nasdaq and it's going into cyclical, industrial stocks," said Michael James, managing director of equity trading at Wedbush Securities. Not all Nasdaq components fell. eBay rose 4.3 percent, while Google edged 0.1 percent higher. The biggest winner in the Dow was Microsoft  -- also a Nasdaq stock -- which jumped 4.2 percent following a report the company has narrowed its short-list of possible chief executives and is considering Ford chief Alan Mulally for the top spot. Other big blue-chip gains came from General Electric (+1.8 percent), UnitedHealth Group (+2.3 percent) and oil companies Chevron (+2.3 percent) and ExxonMobil (+1.3 percent). Clothing company Ralph Lauren rose 4.3 percent rose 5.5 percent after earnings bested analyst expectations by 3 cents at $2.23 per share. The company also boosted its revenue forecast. Oil and gas company Chesapeake Energy fell 6.8 percent on a weak production outlook. Deutsche Bank said the forecast implied a sequential decline in output of oil. Bond prices were mixed. The yield on the 10-year US Treasury slipped to 2.64 percent from 2.66 percent Tuesday, while the 30-year rose to 3.77 percent from 3.76 percent. Bond prices and yields move inversely.

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