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Friday, 5 January 2018

Dow closes above 25,000 for the first time after strong jobs data

The Dow Jones industrial average broke above 25,000 for the first time on Thursday, tying the fastest 1,000-point move in its history, following the release of stronger-than-expected jobs data.

The 30-stock index climbed 152.45 points to 25,075.13, with General Electric, DowDuPont and IBM rising about 2 percent.

"The Dow hitting 25,000 was a pretty wild idea even a year ago. And while its symbolically important, the real story is never just a number. It's the underlying strength that is pushing markets this high," said Steve Claussen, vice president of trader strategy at E-Trade.

The Dow broke above 24,000 for the first time on Nov. 30, or 35 calendar days prior to hitting 25,000. It also took the Dow just 35 days to rise from 20,000 to 21,000 last year.

The S&P 500 gained 0.4 percent to close at 2,723.99, with financials rising 0.9 percent. The Nasdaq composite advanced 0.2 percent to finish at 7,077.91. Both indexes also closed at all-time highs.

"Right now, we're in this Goldilocks scenario," said Tim Courtney, chief investment officer at Exencial Wealth Advisors. "The news has been good. Confidence is up. Everything is lining up just right."

The U.S. private sector added 250,000 jobs in December, ADP and Moody's Analytics reported before the opening bell. Economists polled by Reuters expected a gain of 190,000.

U.S. Treasury yields moved higher after the report was released. The 10-year yield traded at 2.45 percent, while the two-year yield rose to 1.96 percent.

"This was a solid number and with a near record amount of job openings, maybe more people are coming off the sidelines, enticed by higher wages which are coming," said Peter Boockvar, chief investment officer at Bleakley Financial Group.

11 comments:

  1. 1 day moves are a crapshoot.

    The underlying economics & momentum are strong. 2018 will see more highs worldwide. Just follow the strong trends.

    Keppel, Sembcorp and other M&O or O&G plays will have strong upside surprise this year n into 2019. Commodities come into picture during late stages in markets i.e. inflation.

    Watch the yield curve.

    ReplyDelete
  2. Ya, my US stock portfolio goes crazy from day to day.

    Still not ready to sell any leh.

    Wait for market to crash?

    ReplyDelete
    Replies
    1. temperament,

      Wow! You not a panda or koala bear!

      You got your paws in US shares too ;)

      Respect!


      Delete
    2. No lah!

      Remember, it is from 73 HP shares and i just let it be what it wants to be.

      i do nothing really.

      Only say, Amen.

      Delete
    3. temperament,

      Cheh! You har!

      LOL!

      Lucky I got "trust but verify" ;)



      Delete
  3. Ha! Ha!

    To U of course very boring lah.

    It's what U called, "Look Ma, No Hands, No Brains" investing.

    Hey! these are all Tech COYs.

    Anyone of them can go Bust or Boom in the future due Tech Obsolecence or Innovation.

    Who is so smart to actively invest in them to make money?

    May be some "speculators" can.


    Why i am still waiting for durians to fall?

    U know if i sell them now, i can rub my stomach.

    It is because my cash flow still permits me to let it be.

    And perhaps this is a good example of portfolio to hand over to the next generation because of the Inherent Boom & Bust nature of Tech Coys.

    No?

    Should be Bond portfolio?

    ReplyDelete
    Replies
    1. temperament,

      You already say "tech" can go Bust or Boom.

      If with your experience you find it hard when to take profit, what makes you think your next generation will?

      20 years later if HP becomes like Amazon, buy-and-hold wins!

      20 years later HP becomes like Yahoo or Nokia, oh well... You not around anymore so no pain ;)


      Delete
    2. Ha! Ha!

      No lah, if not for next Generation i would be taking profit right now.

      Who knows what's next change.

      Delete
  4. Er...

    Excuse me, i am also a speculator in these coys.

    Only our time factor and methods are different.

    But we are all here to make money is common lah.

    i very relax one.

    ReplyDelete

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