Reuters The Dow came within one point of 20,000 for the first time ever on Friday, boosted by a rise in Apple shares and extending a two-month rally fueled by optimism that U.S. President-elect Donald Trump’s policies will bolster the economy.
All three major U.S. indexes were set to notch record-high closes, helped by Apple. The iPhone maker climbed 1.16 percent after Canada’s Competition Bureau did not find sufficient evidence it 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, with the Dow up 9 percent. While Friday’s gains suggested the rally was not yet over, some investors have grown cautious.
“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.”Speech