Dow rallies to first all-time high since January

A
trader works on the floor of the New York Stock
Exchange.
Andrew Burton/Getty
Images

Stocks surged to record highs Thursday as markets shook off
escalating trade tensions around the globe. The Dow Jones
industrial average hit a fresh peak for the first time since
January. The dollar slipped to its
lowest level since August, and Treasury yields jumped. 

Here’s the scoreboard:

Dow Jones industrial
average: 26,657.25 +251.49 (0.95%)

S&P
500: 2,931.84 +23.89 (0.82%)

Nasdaq
Composite: 8,028.23 +78.19
(0.98%)

1. As threats to exclude Canada loom, NAFTA talks drag
   on. Meeting for a second day, US Trade
   Representative Robert Lighthizer and Canadian Foreign Minister
   Chrystia Freeland were expected to discuss sticking points like
   dairy-market access and how trade disputes should be settled.
   President Donald Trump recently said the US could move forward
   solely with Mexico if Canada doesn’t make concessions. 
2. Marking the first year-over-year increase since 2015,
   US
   housing supply rose nearly 3% in August.
   Meanwhile, existing-home sales flattened last month at a
   seasonally adjusted annual rate of 5.34 million units, the
   National Association of Realtors said, down more than 1% from a
   year earlier.
3. Household wealth hit record levels in the US, remaining
   skewed to the most affluent. Rising more 
   than 2% between April and June to a peak of $106.9 trillion,
   according to the Federal Reserve, the figure offers another
   signal of a humming economy and stock market. But it doesn’t
   reflect the experiences of most American households,
   the Associated Press reports. 
4. Trump took aim at the Organization of Petroleum
   Exporting Countries for energy costs, demanding on Twitter the
   cartel “get
   prices down now!” Oil prices have remained close
   to four-year highs as countries prepare for US sanctions
   against Tehran that will effectively cut off Iranian production
   for much of the world. Crude prices shed 1% following the
   tweet, which added Middle Eastern countries “would
   not be safe for very long” without the US. 

And a look at the upcoming economic calendar:

• Canada releases data on consumer prices and retail
  sales. 
• Factory activity numbers are out in Germany and France. 
• OPEC and Russia meet to discuss coordinated oil production
  levels.