“The Dow came within one point of 20,000 for the first time ever on Friday, fueled by a rise in Apple and extending a two-month rally fueled by optimism that President-elect Donald Trump’s policies will bolster the economy,” Noel Randewich reports for Reuters. “Apple (AAPL.O) rose 1.3 percent, helping all three major indexes, after Canada’s Competition Bureau said it did not find sufficient evidence iPhone maker had engaged in anti-competitive conduct, closing a two-year investigation into the company.”
“U.S. stocks have risen sharply since Trump won the U.S. election in November and while Friday’s additional gains suggested the rally is not yet over, some investors have grown cautious,” Randewich reports. “‘The market’s advance is understandable because of the economic stimulus optimism associated with a new Trump presidency,’ said CFRA chief investment strategist Sam Stovall. ‘But parabolic market advances traditionally experience digestion of these gains, and I don’t think this time will be any different.'”
“At 2:14 p.m. ET, the Dow Jones Industrial Average .DJI was up 94.45 points, or 0.47 percent, to 19,993.74 points. The index rose to as high as 19,999.6,” Randewich reports. “The S&P 500 .SPX had gained 12.83 points, or 0.56 percent, to 2,281.83 and the Nasdaq Composite .IXIC had added 47.16 points, or 0.86 percent, to 5,535.09.”
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MacDailyNews Take: Boom!