About 30 minutes into trading, the Dow Jones Industrial Average stood at 28,867.94, up 0.4 per cent. — AFP pic
NEW YORK, Jan 9 — Wall Street stocks pushed into record territory early today on diminishing worries over the US-Iran clash, shrugging off weak results from some retailers.
All three major indices were around or above their all-time closing highs as investors became more confident the fight between Tehran and Washington after the US killed an Iranian commander won’t escalate significantly.
“We can’t help but think that market participants are trading one fear for another,” said Patrick O’Hare, analyst at Briefing.com.
“The fear of escalating military conflict between the US and Iran is effectively being traded for a fear of missing out on further gains in the stock market.”
About 30 minutes into trading, the Dow Jones Industrial Average stood at 28,867.94, up 0.4 per cent.
The broad-based S&P 500 gained 0.5 per cent to 3,267.72, while the tech-rich Nasdaq Composite Index jumped 0.8 per cent to 9,197.81.
Bed, Bath & Beyond dropped 15.5 per cent after reporting a US$38.6 million (RM158 million) loss for the quarter ending November 30, which includes some of the holiday-shopping season.
The homeware retailer, which has shaken up its leadership under new chief executive Mark Tritton, also said its profitability would be “pressured” in the fourth quarter.
Kohl’s and JC Penney also fell following holiday sales updates, while L Brands gained. — AFP