The Dow Jones Industrial Average recently reached a significant milestone, surpassing the 38,000 mark and hitting record highs. This achievement is a testament to the resilience and strength of the American economy. It signifies the confidence investors have in the market and reflects positive economic indicators.
Several factors have contributed to this remarkable feat. First and foremost, the successful rollout of COVID-19 vaccines has instilled optimism among investors. As restrictions ease and businesses resume operations, there is a renewed sense of hope for economic recovery. Additionally, fiscal stimulus measures implemented by governments worldwide have provided much-needed support to struggling industries.
The Dow Jones Industrial Average climbed 138.01 points, or 0.36%, to finish at 38,001.81. Monday’s gains pushed the blue-chip average to a new record and above the 38,000 level for the first time. The S&P 500 added 0.22% to 4,850.43, also reaching a fresh all-time high. The Nasdaq Composite advanced 0.32% to 15,360.29.
Macy’s rose more than 3% after rejecting a $5.8 billion proposal to take the retailer private. SolarEdge jumped roughly 4% on the back of the company announcing it would lay off 16% of its workforce.
The Federal Reserve officials whose comments have buffeted stocks will stay quiet ahead of policymakers' next meeting on Jan. 30. But readings on GDP and the Fed's preferred inflation gauge later in the week could shed light on the debate that has been driving markets: when the Fed will pivot to cutting interest rates.
Detrick pointed to signs like strong consumer spending, a healthy labor market, slowing inflation and a Federal Reserve that’s expected to start cutting interest rates this year.
Stovall added that investors would not be buying if they believed the economy was heading for a recession. (Forecasters say there’s a 42% chance of a recession this year, according to a recent survey from Wolters Kluwer Blue Chip Economic Indicators. That's down from previous forecasts but still a historically high risk.)
Stocks closed higher on Monday, marking another record-breaking session.
The Dow added 0.36%, finishing above the 38,000 level for the first time ever. The S&P 500 added 0.22%, also recording a fresh all-time high.
The Nasdaq Composite also ended the session higher with a 0.32% advance.
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