US Stocks Close at All-Time High

Ivan Schwartz
October 21, 2017

US stocks opened lower on Thursday following a record-setting session when the Dow closed above 23,000 for the first time. Health care stocks posted some of the biggest gains, offsetting losses by technology companies, which dragged the Nasdaq lower. The Senate's passage of a budget bill raised traders' expectations of an easier path for the White House's tax cut proposal.

The declines come after the Dow Jones Industrial Average closed above 23,000 for the first time on Wednesday.

The Dow composite jumped 108 points or 0.47% as of 9:41 AM ET (2:41 PM GMT) while the S&P 500 increased three points or 0.10% and the tech heavy NASDAQ Composite increased two and a half points or 0.04%.

Dow e-minis were down 132 points, or 0.57 percent, with 42,196 contracts changing hands.

The Russell 2000 index of smaller-company stocks gave up 3.10 points, or 0.2 percent, to 1,502.04.

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During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. Although Skechers now carries a Zacks Rank #4 (Sell), it is subject to revision given the third-quarter performance.

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Nike dipped 2.10 percent after Goldman Sachs downgraded its stock to "neutral" from "buy".

Crude oil was about 0.72 percent higher with prices under $52 per barrel.

Apple shares slid about 1.7 percent in premarket trading on Thursday, amid concerns over demand for iPhone 8 and iPhone 8 Plus. In Spain, the IBEX 35 rose 30 points or 0.30% while in France the CAC 40 increased 28 points or 0.54%.

The top performers on the S&P 500 were Under Armour Inc A (NYSE:) which rose 6.26% to 17.48, Dover Corporation (NYSE:) which was up 6.09% to settle at 94.95 and Under Armour Inc C (NYSE:) which gained 5.93% to close at 15.910.

The Nasdaq is up 1,245.94 points, or 23.2 percent.

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