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Published: Fri, February 24, 2017
Economy | By Melissa Porter

Stocks Push To Keep Record Streak Alive As Valuations Remain A Concern

Stocks Push To Keep Record Streak Alive As Valuations Remain A Concern

But the Dow Jones Industrial Average .DJI rose 32.6 points, or 0.16 percent, to 20,775.6.

TOKYO: MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent, while Hong Kong's Hang Seng found a near 18-and-a-half-month high.

Oil prices surged 2 percent on Thursday after data showed a surprise decline in USA inventories, suggesting a global oversupply maybe be ending.

Dow Chemical's shares rose 4.1%.

The large-cap S&P 500 Index (NYSEARCA:SPY) declined 0.1% to close at 2,362.82, snapping back-to-back record highs.

The Dow was buoyed by a 3.7% gain in DuPont shares.

The dollar rose 0.58 percent after Cleveland Fed President Loretta Mester said on Sunday that she would be comfortable raising rates if the USA economy kept performing.

Sentiment was boosted by a more than 1.5 percent rise in oil prices, after OPEC said the group was hopeful of higher compliance with its deal to cut production. He has not confirmed the investment.

The S&P 500 energy index jumped 0.9 percent, led by gains in Exxon and Chevron.

Kraft Heinz shares were the top drag on the S&P, falling 3.7 percent after the company walked away from its $143 billion offer to buy Unilever, a day after the Anglo-Dutch company rejected the proposal.

West Texas Intermediate and Brent crude were up 1.3% to $54.33 a barrel and $56.57.

Tech giant Intel was the biggest loser on the Dow, falling 1%.

Technology companies finished with a small gain thanks to Facebook, which rose 1.8 percent.

USA stocks pushed higher on Thursday, with the Dow industrials and S&P 500 eyeing records but technology stocks struggled amid persistent concerns about lofty valuations and the prospects for fiscal stimulus a day after the Federal Reserve's minutes were released. That has brought that index to its highest level since July 2000, when the dot-com bubble was beginning to burst but had not totally collapsed.

Stock movers: Among other stock-market movers, shares of Tesla dropped 4.8% after the electric-car maker late Wednesday reported a wider-than-expected quarterly loss, though its beat sales expectations (http://www.marketwatch.com/story/tesla-reports-wider-quarterly-loss-but-beats-sales-expectations-2017-02-22).

In Japan, the Nikkei 225 traded down 0.35%, while across the Korean Strait, the Kospi was fractionally lower at 2,106.

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