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Dow Jones Closes Up

Published 23/02/2018, 09:55 am
Updated 09/07/2023, 08:32 pm

Originally published by Rivkin Securities

The Dow Jones Industrial Average closed higher overnight although it failed to hold the 25,000 level. General Electric Company (NYSE:GE) shares continue their downtrend despite a flat close overnight. GE shares are now down 51% over the past 12 months. The company faces a range of problems including poor sales at some of its main divisions as well as some poor management decisions. S&P/ASX 200 futures are up 36 points this morning as earnings season continues. Overall, earnings season has mostly brought good news so far. Woolworths (AX:WOW) has today reported a 15% increase in net profit as its turnaround gathers steam.

Oil prices rose overnight as inventory data showed a decline in US oil inventories. Furthermore, after weeks of increases, US oil production dropped slightly last week. Nevertheless, US oil output now exceeds that of Saudi Arabia and is coming close to the levels produced by Russia. If US output climbs above Russia’s it would make the US the largest oil producer in the world at the moment.

The US Dollar Index slid overnight which helped propel the Australian dollar higher, currently sitting at US$0.784. Higher US interest rates are theoretically a negative for the Australian dollar although the currency has held up quite well so far despite a total of 1.5% worth of US rate hikes over the past two years. This is partly because the US dollar has been weak as evidenced by DXY currently being at a multi-year low.

Data Releases:

- Canada CPI 12:30am AEDT

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