Dow Reaches All-Time High Record

On Tuesday, just one day following the record close by the S&P 500, in early trading the Dow rose above its intra-day highs and previous closing.

The Dow rose to 18,345, up by 0.64%, or 116 points, at 9:46 am ET which beats the May 19th closing record of 18,312.39.

Nasdaq is up 0.71% (35 points) and the S&P 400 is up 0.61% (12 points) at 2,150.10.

Shortly after the Monday opening of the market, an all-time intra-day high was reached by the S&P 500, a benchmark in the industry. It topped the prior record set in May 2015 when it ended the session at 2.137.16. At closing, the Nasdaq had reached its best level of the year.

Following the release of the June Jobs report showing that job creation was higher than forecast by economists, new highs were reached on Friday in the stock market. This was good news in the midst of worry that the US economy was experiencing a hiring slow down.

A new round of fiscal stimulus is anticipated by traders as the yen slips and Japan’s Nikkei rallies.

Today, it’s expected that the flow of market news will see activity by several officials from the Federal Reserve. In Washington at 9:15 am ET, Daniel Tarullo is scheduled to speak. He’ll be followed by a talk from James Bullard of the St. Louis Fed at 9:35 am. After the closing bell, Neil Kashkari of the Minneapolis Fed will hold a town hall.

In June, the NFIB Small Business Optimism index exceeded forecasts at 94.5. Capital spending and the number of openings for jobs increased, but for periods outside recession, they were still historically low. A reluctance to expand was expressed by business owners due to the political climate.

May’s Job Openings and Labor Turnover Survey (JOLTS) will be released at 10 am ET. According to Bloomberg, the forecast is that there was a drop from the record high of 5.7888 million to 5.65 million job openings during the month.

On Monday, second-quarter earnings season was kicked off by Alcoa which reported a beat on both revenues and profits. Ir reported a nearly 4% premarket rise in its shares.

Leave a Reply