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BUSINESS A25
Friday 5 January 2018
Dow Jones climbs above 25,000 for the first time
By MARLEY JAY Stock trader Peter Tuchman wears a Dow 25,000 hat, Thursday, Jan. 4, 2018, at the New York Stock
AP Markets Writer
NEW YORK (AP) — The Dow Exchange. The Dow Jones industrial average closed above 25,000 points for the first time, just five Divi Village
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five weeks after its first close (AP Photo/Mark Lennihan) 27 Weeks remain $10,000
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The Dow passed five Big gains in U.S. blue chip during the financial crisis in ing. johnnypaesch@gmail.com
1,000-point barriers in 2017
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growth and good pros- year, including an 87 per- governments were much year, continued to lead the johnnypaesch@gmail.com
pects for higher company
earnings have analysts cent gain in aerospace gi- slower to recover than market higher. And there ________________________________208894
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but at a certain point I think market, has nearly quadru- vestors saw signs economic 152.45 points, or 0.6 per-
there was a handover to ________________________________208894
global economic growth pled in value from its low growth was finally improv- cent, to 25,075.13.q
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Macy’s, Penney see solid holiday sales growth Free Appraisal, No Listings Fee,
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By ANNE D’INNOCENZIO percent from a year ago functions to save about change, Macy’s still lags johnnypaesch@gmail.com
AP Retail Writer and mark the best perfor- $300 million. CEO Jeff Gen- the overall sector’s growth
NEW YORK (AP) — Macy’s mance since 2014. nette says the company’s and he believes it is losing _________________________________208894
and J.C. Penney both Much of that growth may focus has been expanding market share overall and in
reported holiday sales go to online sellers, though, online, stabilizing its stores key categories. Saunders
growth, offering encourag- and Bain & Co. predicted and laying the foundation also thinks that the sales
ing signs that if department that Amazon will account for growth. growth is a function of a
stores struggling to hold for half of the holiday 2017 Neil Saunders, managing robust market where shop-
their own against online sales growth. Many retail- director of GlobalData pers were willing to spend
retailers had a decent pe- ers, particularly depart- Retail, said in an investor more than a result of spe-
riod, other retailers did as ment store chains, still have note that while the holiday cific actions taken by Ma-
well. lots of challenges ahead as sales growth is a welcome cy’s. q
The results, announced shoppers are increasingly
Thursday, came after both buying online and shifting
retailers focused on im- their spending more to-
proving their online servic- ward experiences.
es while highlighting more However, it still expects an
exclusive offerings. Low annual sales drop at estab-
unemployment, a strong lished stores of 2.4 percent
stock market and other to 2.7 percent, and total
factors set the stage for a revenue is forecast to fall
good holiday season. The 3.6 percent to 3.9 percent
National Retail Federation compared to a year earlier.
believes retail sales could Macy’s also says it will close
exceed its forecast for another 11 stores, cut jobs
growth of 3.6 percent to 4 and streamline non-store
