Category: Business, Economics and Finance / Company News / Markets / Currency / Futures / Stockmarket
Wall Street closes lower, doubts on Dow Jones hitting 20,000
Thursday, 29 Dec 2016 05:40:57 | Rebecca Hyam

The session saw profit-taking and losses for some well-known companies. (Reuters: Brendan McDermid)
Doubts are growing about whether the Dow Jones Industrial Average can reach the elusive 20,000-point level before the end of the year, after stocks in the United States retreated during the overnight trading session.
Markets at 8:15am (AEDT)
- ASX SPI 200 futures -0.3pc 5,631
- AUD: 71.83 US cents, 58.79 British pence, 84.15 Japanese yen, 69 eurocents, $NZ1.0377
- US: S&P 500 -0.83pc to 2,249, Dow Jones -0.56pc to 19,833, Nasdaq -0.89pc to 5,438
- Europe: Euro Stoxx -0.1pc to 349.84, FTSE +0.54pc to 7,106 DAX +0.02 to 11,474
- Commodities: Gold +0.32pc to $US1,142.46/ounce, Brent crude oil +0.2pc $US56.20
The last week of the year is usually an uneventful one for markets, with few scheduled events, data releases or corporate earnings to dictate the direction.
Shortly after the markets opened last night, the Dow came within 19 points of hitting 20,000.
But profit-taking and losses for some well known corporations saw the index retreat soon after.
Shares in Boeing fell by 0.8 per cent after Delta Air Lines said it had reached agreement with the plane manufacturer to cancel a $US4 billion order for 18 Dreamliner aircraft.
The share prices of Disney and Caterpillar also came under pressure, overshadowing gains of almost 1 per cent for the investment bank, Goldman Sachs.
In economic news, pending home sales fell, pushing the National Association of Realtors Home Sales Index 2.5 per cent lower in November from the previous month.
Analysts had been looking for a 0.4 per cent increase in home sales contracts signed but not yet finalised, after a 0.1 per cent increase in October.
Regardless of whether the Dow reaches 20,000 points, the index remained on track for its best annual gains since 2013.
The S&P 500 Index was set to record a double-digit rise this year, compared with a 0.7 per cent fall last year.
It was an uneventful session for European markets, with British shares faring the best and closing at a fresh record high, thanks to strength within the mining sector.
BHP Billiton and Anglo American jumped 4.3 per cent and 3.6 per cent respectively.
In local trading, the market is set to give back some of yesterday's strong gains. The ASX SPI 200 is down 0.3 per cent to 5,631.
At 8.15am AEDT the Australian dollar was buying 71.83 US cents.
West Texas Crude oil was higher at $US53.96 a barrel, a barrel of Tapis was worth $US57.26 and spot gold had increased to $US1,42.46 an ounce.
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