Tuesday, January 16, 2018
Business

Container hed Xj Xjj

NEW YORK — The Dow Jones Industrial Average reached another milestone Tuesday, recording its longest winning streak since 1996.

The index rose for the 10th straight day, gaining 83.86 points, or 0.6 percent, to close at a record 14,539.14.

The last time the Dow knocked out 10 straight days of gains was November 1996. Back then, Internet companies were still lining up to go public and President Bill Clinton had just won another term in the White House.

"It's just a good run," said Dan Greenhaus, chief global strategist at the brokerage BTIG. "And it speaks to optimism about the future."

Encouraging news on jobs gave the market an early lift. Also, the Standard & Poor's 500 index on Thursday gained 8.71 points, or 0.6 percent, to 1,563.23, and is now within 2 points of its record close set in October 2007.

All 10 industrial groups in the S&P 500 rose, led by energy companies.

The technology-driven Nasdaq composite rose 13.81, or 0.4 percent, to 3,258.93.

Signs that the economic recovery is gaining strength have propelled the market higher since the beginning of March.

Last month, the unemployment rate dipped to 7.7 percent, the lowest level since December 2008. Adding to evidence that the job market is improving, fewer Americans sought unemployment benefits last week.

Record corporate profits and reassurances from Federal Reserve officials that they plan to keep interests rates at low levels have also helped push stocks higher. U.S. retail spending increased in February at the fastest pace in five months. That came despite higher payroll taxes kicking in at the beginning of the year.

"We've been getting some really good economic statistics: jobless claims today and retail sales yesterday," said Doug Cote, chief market strategist for ING U.S. Investment Management. "And that's positive."

The gains were broad on Thursday, though slight.

Analysts say the stock market's surge this year will likely persuade more people to move cash into stocks. The Dow is up 11 percent this year, and the S&P 500 is up 9.6 percent.

So far, retail investors appear unsure. They put money in U.S. stock funds to start the year, but have withdrawn it for the last two weeks, according to a report out Wednesday from the Investment Company Institute.

The rally may have pushed the Dow to record highs, but skeptics caution that markets take sudden turns. Exactly one year ago, for instance, the Dow had already raced up 8 percent. But by June, all those gains were gone.



Comments
Career Q&A: What to do when your boss is stealing

Career Q&A: What to do when your boss is stealing

Q: I strongly suspect that my boss is stealing from our employer. As the property manager for this apartment complex, she handles all payments, deposits and other financial matters.A few weeks ago, I accidentally discovered some suspicious discrepanc...
Updated: 5 hours ago
Pinellas is at the center of a rise in Florida flu outbreaks

Pinellas is at the center of a rise in Florida flu outbreaks

Feeling a little sniffly or scratchy or stuffed up? It may be the flu, and you donít want to wait around to see a doctor this year. This is not the time to write off flu-like symptoms, Tampa Bay area health officials and doctors warn. The influenza v...
Updated: 8 hours ago
Italian Butterfingers? Nestle selling candy business for $2.9B

Italian Butterfingers? Nestle selling candy business for $2.9B

Associated PressNEW YORK ó Swiss food and drink giant Nestle is selling its U.S. candy business to Italyís Ferrero for about $2.9 billion in cash. Ferrero will take over iconic chocolate brands Butterfinger and Crunch bars, as well as the sugary Nerd...
Updated: 8 hours ago
23 seek vacant PSC post

23 seek vacant PSC post

There is another Mariano seeking a job in Tallahassee.Pasco County Commissioner Jack Mariano, the father of state Rep. Amber Mariano, R-Hudson, is seeking an appointment to the Florida Public Service Commission, the powerful board regulating Florida ...
Updated: 9 hours ago
St. Petersburg’s apartment boom is spreading west

St. Petersburg’s apartment boom is spreading west

ST. PETERSBURG — Still more apartments are coming to St. Petersburg, this time to the Edge and Grand Central Districts just west of downtown. The new projects, all by out-of-state developers and more moderately priced than those downtown, will...
Updated: 10 hours ago
Florida raises insurance regulation grade from C to B

Florida raises insurance regulation grade from C to B

When it comes to regulating insurance, Florida is slowly improving. The Sunshine State raised its grade from a C in 2016 to a B in 2017 on the "R Street 2017 Insurance Regulation Report Card." It ranked No. 15 among all states.The annual report, writ...
Updated: 10 hours ago

US travel industry launches plan to reverse tourism decline

Associated PressNEW YORK ó Travel industry representatives sounded an alarm Tuesday over declines in international tourism to the U.S. and announced plans to reverse the trend. Organizers of the new Visit U.S. Coalition portrayed the decline as long-...
Updated: 10 hours ago
Raymond James advice for small to mid-sized companies about activist shareholders? Prepare and listen

Raymond James advice for small to mid-sized companies about activist shareholders? Prepare and listen

Shareholder fights between activist investors and publicly traded companies are getting nastier, especially in some industries, and a lot of them donít involve corporate giants like General Motors and Procter & Gamble.In 2015, according to Raymond Ja...
Published: 01/16/18
Dow bursts through 26,000 in record seven trading days

Dow bursts through 26,000 in record seven trading days

The Dow Jones industrial average blew past 26,000 Tuesday for the first time ever, coming only a week after hitting 25,000 and showing further evidence that the long-running bull market is alive and well."There are several reasons for markets to melt...
Published: 01/16/18
Arizona-based AFI Mortgage opens St. Petersburg branch

Arizona-based AFI Mortgage opens St. Petersburg branch

Times StaffAFI Mortgage, a subsidiary of an Arizona-based bank, is opening its first Florida locations in St. Petersburg and Lakeland. Its parent company, AmeriFirst Financial Inc., specializes in mortgages. "This Florida team is innovative, knowledg...
Published: 01/16/18