NEW YORK, NY / ACCESSWIRE / February 24, 2017 / The Dow Jones Industrial continued its streak with its 10th consecutive record close on Thursday. This has been the first time the Dow has gained for 10 straight sessions since March 2013. The Dow gained 0.17 percent to close at 20,810.32, up 5.3 percent year-to-date. The Nasdaq fell 0.43 percent to close at 5,835.51, up 8.4 percent year-to-date. The tech focused Index has closed at new highs 19 times in 2017, which is the most since 1999, according to the WSJ Market Data Group. The Post-Election rally has yet to stall as President Trump has promised a more tax friendly environment for businesses, which the market is eagerly awaiting more details on.
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"Nobody expects [Trump] to get his entire program enacted, but his economic efforts will be viewed as a success if even half is put in place and growth increases 1% with only modest inflation and a minor increase in the budget deficit," said Byron Wien, vice chairman of Blackstone's multi-asset investment group. “That's what the stock market is telling us is going to happen, and let's hope the stock market is right.”
"Our general view for a while has been that valuations are just high, but that doesn't mean the market has to go down immediately, it just means that longer-term returns may not be as robust," said Paul Nolte, portfolio manager at Kingsview Asset Management. "In the short run we can continue our methodical grind higher, as we've been doing since the election, but the longer-term picture is looking a bit rougher."
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DryShips' shares dropped 12.96 percent to close at $2.35 a share on Thursday. The stock traded between $2.14 and $2.50 on volume of 25.88 million shares traded. On February 21 st, the company announced that it is re-entering the tanker market with the acquisition of two modern tanker vessels for a total gross price of approximately $102.5 million.
"We are very excited to have re-entered the tanker market by acquiring a modern Aframax tanker of eco-design and one Very Large Crude Carrier at historical low prices. We continue to look at opportunities to diversify and grow our fleet with high quality tonnage and significant operating leverage." commented DryShips' Chairman and CEO George Economou.
Gevo's shares gained 12.26 percent to close at $1.19 a share on Thursday. The stock traded between $0.92 and $1.27 on volume 3.31 million shares traded. Shares of Gevo fell more than 30 percent last Tuesday on further dilution after the company announced that it would sell nearly $12 million in stocks and warrants to raise funds. Gevo announced that it has agreed to sell 5,680,000 Series G units, with each Series G unit consisting of one share of common stock, a Series K warrant to purchase one share of common stock and a Series M warrant to purchase one share of common stock, at a public offering price of $1.90 per Series G unit.
Today's Features Includes:
DryShips Inc. (NASDAQ: DRYS)
Gevo, Inc. (NASDAQ: GEVO)
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