Dow Jones Closes at Record High, Notches All-Time Intraday High

Gladys Abbott
July 13, 2017

The Dow Jones added 146.22 points, rising 0.7% to 21,550.90, while the S&P 500 was up 0.7% to 2,442.2.

Federal Reserve Chair Janet Yellen said Wednesday the USA central bank will start reducing its massive $4.5 trillion portfolio later this year. The Dow also hit an intraday record. This will allow the Fed to first assess the market impact of balance sheet reduction, which will commence at either the July or September meeting, according to Roubini. Investors cheered Yellen's dovish tone, alleviating some concerns over the recent dip in inflation.

The rate-sensitive S&P 500 real estate index was among the strongest in the benchmark index, posting a 1.3% gain. Shares of materials companies rose 1.1%. Among the biggest gainers, Chesapeake Energy Corp. added 1.7% while Exxon Mobil Corp. was up 0.8%.

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The China stock market has finished lower in three straight trading days, surrendering nearly 20 points or 0.6 percent along the way.

Hong Kong's Hang Seng Index jumped 1.28%. The Shanghai Composite Index now rests just beneath the 3,200-point plateau although it may find traction on Thursday.

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