Dow reaches new record high on OPEC output deal

Market Reports | Markets 11/30/2016, 4:10 PM
Dow reaches new record high on OPEC output deal

The Dow Jones Industrial Average index soared to a fresh all-time high when markets opened on Wednesday after the Organization of Petroleum Exporting Countries (OPEC) announced it reached an agreement to cut production. Moreover, investors were processing solid economic data from the United States, including the Chicago Purchasing Managers' Index (PMI), which climbed to 57.6 this month from 50.6 seen in October, pointing to better growth.

The Dow Jones Industrial Average added 0.42% after climbing to a high of 19,225.29 points a little earlier. Goldman Sachs Inc. jumped 3.02% at 4:02 p.m. CET, while Chevron Corp. rose 2.87% at the same time.

The Nasdaq 100 underperformed, sliding 0.23% at 4:03 p.m. CET, as Autodesk Inc. bled 5.46% on software corporation's weak fourth-quarter outlook.

The S&P 500 gained 0.25% at 4:08 p.m. CET.

The U.S. dollar index strengthened 0.59% to 101.55 at 4:09 p.m. CET.

TeleTrader Newsroom / IB


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