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Wall Street edges up with Dow heading for 17,000 points

English.news.cn   2014-06-21 08:40:01

NEW YORK, June 20 (Xinhua) -- U.S. stocks held small gains Friday, with the Dow Jones Industrial Average rising closer to the psychologically important level of 17,000 points, boosted by investor euphoria triggered by the U.S. Federal Reserve's commitment to an accommodative monetary policy.

The blue-chip index hit a record high of 16,978.02 points in intraday trading, before trading at 16,962.40 points in midday, up 40.94 points, or 0.24 percent.

The S&P 500 also touched a fresh record intraday high of 1,963. 91 points, extending its record rally into a third straight session. At noon, the broader index was at 1,962.55 points, up 3. 07 points, or 0.16 percent.

Both the Dow and the S&P 500 pointed to logging a six-day winning streak.

The tech-heavy Nasdaq Composite Index gained 0.77 point, or 0. 02 percent, to 4,360.10 points in midday.

All the three indices are poised to end higher in the week, when investors felt comfortable about dovish remarks from Fed Chair Janet Yellen following the central bank's two-day policy meeting Wednesday.

Yellen downplayed concerns about rising inflation, saying the recent uptick in consumer prices is "noisy," while emphasizing the Fed has no set timing for interest rate hike which depends on economic data.

The Fed announced Wednesday that it will continue to taper its monthly bond purchases by another 10 billion U.S. dollars next month and lowered its U.S. growth forecast for this year, while pledging to keep its benchmark short-term interest rates near zero "for a considerable time" after the bond purchase program ends.

No major data are due on Friday, a day that will see what is known as "quadruple witching" when futures and options contracts on indexes and individual stocks expire simultaneously, which often witnesses increased trading volume and volatility.

In corporate news, Oracle Corporation shares tumbled 5.10 percent to 40.34 dollars apiece in midday after the tech giant late Thursday reported its diluted earnings per share of 0.80 dollars for the fourth quarter in fiscal 2014 on revenues of 11.3 billion dollars, both of which trailed market expectations.

Editor: Xiang Bo
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