Share

Dow stands out as global stocks tread water

New York - The blue-chip Dow was the lone riser among major stock indices on Thursday as global markets largely ran in place.

Recent rallies lost momentum as investors awaited word of tax cuts in the United States and digested a fresh batch of European corporate earnings.

On Wall Street, the Dow Jones Industrial Average broke a 30-year record by closing at a tenth consecutive all-time high, ending the day up 0.2%.

But other indices showed signs of wavering enthusiasm. After vacillating during the day, the S&P 500 nudged into positive territory, finishing up less than a tenth of a percent.

The Nasdaq fell for a second day, weighed down by flagging tech stocks and closing down 0.4%.

Oil shares were lifted higher after crude oil prices hit their highest point since mid-2015 in New York, with a barrel of light sweet crude for April delivery settling up 86 cents at $54.45.

Exxon Mobil gained one percent while Chevron added 0.6% and ConocoPhillips rose 0.4%.

A US tax package by August?

Investors also took some cheer from remarks early on Thursday by Treasury Secretary Steven Mnuchin, who told CNBC the new administration hoped to roll out a new tax package by August.

Mnuchin's words, however, followed minutes released Wednesday by the US Federal Reserve which suggested monetary policymakers may be poised to raise interest rates as soon as next month.

Bill Lynch of Hindsale Associates said there had been little news during the session to stimulate market moves by investors. "In terms of news today, there wasn't a heck of a lot," Lynch told AFP.

In Europe, a flurry of corporate earnings reports included British bank Barclays which said it had returned to profit after slashing provisions set aside for legal and compensation costs linked to foreign exchange and insurance scandals.

London and Frankfurt each fell 0.4% while CAC 40 in Paris lost 0.1% and the EURO STOXX 50 gave up 0.2%.
The heavily-indebted Spanish telecoms giant Telefonica said its net profit was hit by restructuring costs linked to a voluntary redundancy scheme.

And in France, car maker PSA Peugeot Citroen said its profits nearly doubled and its takeover of Germany's Opel would create a "European champion" in the auto industry.

Asian markets also ended the session lower as the recent Trump rally that has inflated global stocks since the beginning of the year finally appeared to run out of steam.

Read Fin24's top stories trending on Twitter:

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.00
-0.5%
Rand - Pound
24.00
-0.5%
Rand - Euro
20.53
-0.3%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.5%
Platinum
903.65
+0.8%
Palladium
1,016.75
+1.5%
Gold
2,210.49
+0.7%
Silver
24.61
-0.1%
Brent Crude
86.09
-0.2%
Top 40
68,275
+0.9%
All Share
74,459
+0.7%
Resource 10
57,075
+2.5%
Industrial 25
103,782
+0.5%
Financial 15
16,515
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders