US stocks higher into close
Cannabis firms up
Nasdaq tops 7,000 level
European indices generally fell on Tuesday the first trading day of the new year but US shares went higher.
Around five minutes from the close the Dow Jones Industrial Index is up 93 points at 24,812.
The S&P 500 is up over 21 points at 2,694 and the tech heavy Nasdaq is up 101 points at 7,005. As it crosses the 7,000 mark it makes an intraday high.
In Toronto, the TSX is up over 82 points at 16,291.
The gold price also gained - up 0.80% to US$1,319 an ounce.
In cryptocurrencies, one bitcoin is worth around US$14,948.
Nasdaq hits all-time intraday high! pic.twitter.com/Znp0n4ctNF
— CNBC's Closing Bell (@CNBCClosingBell) 2 January 2018
MID-SESSION
US stocks were still higher at mid-session, with the Nasdaq up over 88 points at 6,991.
The S&P 500 is up 16.79 at 2,690, while the tech heavy Nasdaq index is ahead by over 88 points at 6,991.
The Dow Jones is up over 49 points at 24,768.
In Toronto, the TSX is up over 38 points at 16,247.
In stocks, cannabis firms were on the up -getting a lift from new legislation in California, the most populous US state, which allows the recreational use of cannabis for adults.
Canopy Growth Corp (TSE: WEED) added over 7% to C$31.85. The firm is a medical marijuana supplier founded in 2009.
Toronto-based Supreme Cannabis Co Inc (CVE:FIRE) gained over 15% to C$2.64.
WeedMD Inc (CVE:WMD) shares added 3.27% to C$2.53.
OPEN
US shares got off to a good start in 2018 with the Dow Jones adding over 100 points in early deals.
It comes after a negative finish on Wall Street on Friday before New Year.
The Dow is up 103 at 24,822 at the time of writing, while the broader S&P 500 gained almost 16 at 2,689 and the tech heavy Nasdaq added 69 to stand at 6,972.
The price of gold is up 0.34% at US$1,314 an ounce and the TSX in Toronto is down over 17 points at 16,191.
On the Dow Jones, top riser is Advance Autoparts Inc (NYSE:AAP), which added 5.58% to stand at US$105.25.
Retailers were up more than most with Nordstrom Inc (NYSE:JWN), up 4.37% to US$49.45, while Kohl's (NYSE:KSS) gained over 2.8% to US$55.78.
"The Dow Jones bucked the miserly trend set by the European indices this Tuesday afternoon to indulge in some early 2018 gains," said Connor Campbell at Spreadex.
"Benefiting from the continued buzz surrounding Donald Trump’s recent tax plan triumph, the dollar’s worst annual performance since 2003 and the best Markit manufacturing PMI in just shy of 3 years, the Dow Jones rocketed 100 points after the bell.
"That’s sent the index back above 24800 – now it needs to muster enough momentum to break away from that level, something it has struggled to do in the last fortnight."
Five minutes into the first trading session of 2018 and the Dow Jones is up more than 100 points. #WallStreet #StockMarket #dowjones #BizNews
— Jeff Durso (@jdurso82) 2 January 2018