The Dow Jones Industrial Average finally closed above 20,000 for the first time on Wednesday. Strong earnings from Boeing, a Dow component, helped tip the index over the milestone.
The S&P 500 and Nasdaq also hit new highs. Bonds fell, and the 10-year yield climbed above 2.5% amid the move out of safer assets into riskier ones.
Here’s the scoreboard:
- Dow: 20,047.73, +135.02, (0.68%)
- S&P 500: 2,295.68, +15.61, (0.68%)
- Nasdaq: 5,647.20, +46.24, (0.83%)
- 10-year yield: 2.523%, +0.052
- The Mexican peso emerged as the best-performing currency in the world on Wednesday, even after President Donald Trump said he aims to start construction on the US border wall with Mexico within months. Trump also wants to renegotiate the North American Free Trade Agreement (NAFTA) with Mexico and Canada.
- U.S.-based miner Freeport-McMoRan Inc reported weaker-than-expected Q4 earnings. The company warned of output and job cuts at its mine in Indonesia if it can’t secure a permit to export copper concentrates, Reuters reported.
- Sen. Rand Paul, the libertarian-leaning Republican and onetime presidential candidate, introduced his version of a replacement for the Affordable Care Act. The Obamacare Replacement Act would provide a two-year window for people with preexisting conditions to sign up for care.
- A whole lot more Trump hotels may be coming to the US. Eric Danziger, the CEO of Trump’s hotel-management company, said the firm was planning to triple the number of US locations, according to Bloomberg.
- The New York Stock Exchange is renaming NYSE MKT, a market for small and mid-cap companies, NYSE American. It is planning to introduce a 350-microsecond delay in trading on NYSE American, similar to the so-called speed bump by IEX, a competitor.