Wednesday, June 8, 2016, was a good day for the stock market as the Dow Jones, Standard & Poor’s (S&P), and NASDAQ closed at record highs of more than 18,000, 2,100, and 4,900, respectively, as reported by CNBC. This was the highest closing since April 27.
Most of this growth in the market rode on strong material and industrial stocks, both of which were leading. Traders attributed this growth in the market to other factors also. Predominantly, an increase in oil prices, settling at $51.23/barrel, the highest since July 15, coupled with a weak U.S. dollar that traded at about 0.2 percent. The dollar traded at its lowest since May 6.
Interestingly, businesses appeared to be divided in their opinions regarding the positiveness of these growth figures achieved by the market. Ben Pace, Chief Investment Officer (CIO) of HPM Partners dismissed these highs as not being impressive comparing them to last year’s position. However, Jack Ablin, CIO at BMO Private Bank cited these figures as hope and investment opportunities for investors to increase their growth and earnings.
Written by Bashar Saajid
Edited by Cathy Milne
CNBC: Dow Posts first close above 18k since April
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