US Stocks Pare Gains, Dow Hits 18,000

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US Stocks Pare Gains, Dow Hits 18,000

On Friday afternoon, US stocks pared gains with the Dow Jones Industrial Average retreating after reaching above 18,000 in early trading, the first time in 2015.

As reported by The Wall Street Journal, the Dow gained six points to hit 17,978 while the S&P 500 climbed one point to 2,089, after hitting an intraday record in early trading.

The Nasdaq Composite Index added 0.3% or 15 points to 4,873.

The recent gains have propelled equities to near record highs, and on Thursday, the S&P 500 and the Dow Industrials closed at fresh highs.

Chief executive at Beverly Hills Wealth Management, Mag Black-Scott said, “The US remains the island of stability. Money is in great free flow around the world and the US stock market remains the safe haven.”

Investors continued eying talks between Greece and its creditors over the bailout program of the nation.

Ian Winer, head of equities trading at Wedbush Securities said he is seeing a rotation of the retail companies into energy names as crude prices have climbed in the recent trading sessions. Winer said, “So many people underweighted energy-related companies and overweighted retail.” He added that the theory was consumers were going to use savings from cheaper gasoline to purchase more. But retail sales numbers have been disappointing and it just doesn’t seem like as much of that was happening.”

According to USA Today Asian stocks were mixed. The Nikkei 225 of Japan dropped 0.4% to 17,913.36 and the Hang Seng of Hong Kong climbed 1.1% to 24,682.54.

In European markets, the DAX of Germany rose 0.4% to 10,963.40, the CAC 40 of France added 0.7% to 4,759.36 and the FTSE 100 of Britain gained 0.7% to 6,873.52.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com