Dow Jones industrial average trades above 22000 points for first time

Wall Street retreats after Dow breaches 22000

Wall St opens flat as tech stocks slip

E-Mini futures for the Dow were up 0.2 percent despite a lower Europe as disappointing results from Societe Generale and Commerzbank weighed on the bank stocks.

US equities and stock exchange traded funds strengthened in July and experienced one of their best months since February as a strong corporate earnings season helped maintain the momentum in the ongoing bull market.

U.S. shares shot out of the box on Tuesday, thanks to a bevvy of strong earnings reports and the Dow Jones added 89. Its shares rose around 5%, on track for their largest advance in six months and adding roughly 50 points to the Dow industrials.

The Standard & Poor's 500 index rose 4 points, or 0.2 percent, to 2,474. It was up 0.6% Wednesday.

"The tech sector as a whole has some room to appreciate", Brad McMillan, chief investment officer for Commonwealth Financial Network, told The Wall Street Journal.

"Investors tend to forget about risk levels as markets hit new highs every session", says Quinlan.

The Dow has since lost most of those early gains and is back below 22,000.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, jumped 1.5 percent to a reading of 110.2. Shares of raw materials managed to rise by more than 0.4%.

The S&P 500 swung between small gains and losses and was recently down less than 0.1%. Hong Kong's Hang Seng index advanced 0.5 percent to 27,667.39 while Shanghai Composite index added 0.1 percent to 3,294.41.

Areas of the market that would benefit most from such policies soared much more than the rest of the market, and the effect was so strong that traders called it the "Trump trade".

Fundamentals remain strong. With 350 of 500 companies' reports in, the S&P 500 index is on track to post back-to-back double-digit quarterly earnings growth for the first time in nearly six years.

Oil traded near $49 a barrel as USA crude stockpiles expanded, while copper dropped a second day. It nudged up against the dollar and Swiss Franc too, briefly striking new 2-1/2-year highs against both at $1.1846 and 1.1468 francs per euro respectively. Yields move inversely to prices. Winfield Associates Inc. boosted its position in SPDR Dow Jones Industrial Average ETF by 0.3% in the second quarter.

The earnings boom has helped fuel a series of records in the last couple of weeks for all three major United States stock indices, which also includes the tech-heavy Nasdaq.

But tax cuts and other parts of the Trump agenda have not materialized, leaving earnings growth as the real engine of the market.

The Wednesday morning milestone continued a streak of share price gains since January.

Japan's Nikkei 225 was up 0.35%.

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