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Post by bot on Jul 9, 2018 11:10:52 GMT -5
Dow's 260-point late-morning surge puts it pace to close above 50-day moving for first time in nearly three weeks
The Dow Jones Industrial Average climbed above its 50-day moving average on Monday, marking the first time the benchmark has drifted above its short-term trend line in nearly three weeks, highlighting some renewed optimism in U.S. markets amid trade-war anxieties. The Dow was recently trading up 1%, or 260 points, at 24,714. Monday's moves push the blue-chip gauge to a close above its 50-day moving average at 24,633.08 for the first time since June 20, according to FactSet data. The Dow closed below its 200-day, a closely watched gauge of long-term bullish and bearish momentum in an asset used by chart watchers, on June 25, snapping a 501-day streak above that level. Shares of Caterpillar Inc. and Boeing Co. , names which have been at the center of monthslong trade disputes between the U.S. and trade partners in China, North America and the European Union. Meanwhile, the S&P 500 index climbed 0.6% at 2,777, while the Nasdaq Composite Index , an index known for its technology components, rose 0.4%, at 7,7720. Lately, investors have been focused on the health of the U.S. economy, highlighted by Friday's better-than-expected jobs report.
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