Despite an opening rally lifting the Dow Jones back into 19900 territory, subsequent to its fall in the concluding trading sessions of 2016, the index has fallen back to the 19800 region, and even lower.
The Dow bounced off the high of 19938.90, achieved in initial Tuesday trading and fell back to the territory seen in the final trading days of 2016, when the Dow plummeted from its peak, near the coveted 20000 mark, and descended into the 17000 region, with fluctuations even lower.
Steam began to run out for the Dow rally, which had continued after the election of Donald Trump – spurred on by enthusiasm at a programme of abundant industrial spending and significant stimulus. However, the rally never quite reached the 20000 mark, with lingering points around the 19975 mark – and even higher – tantalisingly close.
Bulls however began to run out of steam as 2016 came to an end, and the Dow slipped ever further. However, a strong dollar caused US stocks to rally across the board in a day of feverish trading, as the new trading year gets underway.
Peaking at 19930.02 at 10:12 EST, the index proceeded to plateau around the 19920 – 19925 region, prior to descending in earnest at 10:30 EST. With only moderate peaks and plateaus to cushion its fall back to 19782.70.
Although a minor pickup has been apparent in midday trading, the index now sits in 19800 territory.
US stocks have followed a general trend of high performance in today’s US trading hours, as a strong dollar lifts the market higher.