The Dow is approaching 20,000
REUTERS/Ralph Orlowski
US stocks opened little changed for trading on Wednesday, with everyone watching whether it will be the day that the Dow hits the 20,000 mark.
Volumes on major exchanges are lower this week because of the holiday season. The Dow hit a record intra-day high of 19,987.63 on Tuesday.
While 20,000 is a neat round number, hitting that milestone in the next few days would mark the fastest 1,000-point move for the Dow ever. That would provide an anecdote of the fierce rally that followed the election of President-elect Donald Trump, as investors turned bullish on his promises to cut corporate taxes and ease regulations.
Nike — a Dow component — gained in early trading after the company topped forecasts for quarterly sales and earnings on Tuesday. Its gross margin shrank from a year ago, as the apparel maker offered deeper discounts to keep shoppers away from the competition.
The US economic data calendar is relatively quiet again today. Existing home sales for November will cross at 10 a.m. ET, and the Department of Energy will release its weekly inventories numbers at 10:30. The important releases on Thursday include gross domestic product and durable goods orders.
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