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Dow Jumps 200 Points To Close Above 27,000 For The First Time I6KIB
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Dow Jumps 200 Points To Close Above 27,000 For The First Time

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The Last Outlaw
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PostThe Last Outlaw on Thu Jul 11, 2019 4:10 pm

Dow Jumps 200 Points To Close Above 27,000 For The First Time I5Bn3

From CNBC

Fred Imbert of CNBC wrote:The Dow Jones Industrial Average rallied to a record high Thursday, led by UnitedHealth shares, after testimony by Federal Reserve Chair Jerome Powell this week that signaled easier monetary policy could be implemented later this month.

The 30-stock average broke above 27,000 for the first time, closing 227 points higher. The index first closed above 26,000 in January 2018, so it’s been a little more than a year-and-half trek between 1,000-point moves, with the gains driven largely by expectations that the Fed will cut rates, insulating the market from a slowing economy and a trade battle with China.

Microsoft has been the best-performing Dow stock since the index’s first close above 26,000, surging by about 50%. Visa, Cisco Systems and Nike also are up sharply since then.

“This week solidified the fact that the market doesn’t need, it doesn’t want, it’s demanding a rate cut from Powell,” said Jeff Kilburg, the CEO of KKM Financial. “I do have a little bit of caution going into the earnings season because we have some forward-guidance uncertainty with the trade tensions, but the wind in the sails continues to be that dovish stance from Powell.”

The S&P 500 also posted a record close, rising 0.2%. The broad index also traded above 3,000 on an intraday basis. The S&P 500 first broke above 3,000 on Wednesday. The Nasdaq Composite slipped 0.1%.

UnitedHealth shares surged more than 5% after the White House dropped a proposal to eliminate drug rebates. CVS Health and Cigna also jumped on the news, gaining 4.7% and 9.2%, respectively.

Delta Air Lines rose 1.1% on better-than-expected earnings.

In testimony to the House Financial Services Committee on Wednesday, Powell said business investments across the U.S. have slowed notably recently as uncertainties over the economic outlook linger. As a result, expectations of an upcoming rate cut grew.

“Crosscurrents have reemerged,” Powell said. “Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened. Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.”

Powell reiterated that testimony on Thursday. Market expectations for a rate cut later this month are at 100%, according to the CME Group’s FedWatch tool.

Thursday’s milestone was only the latest in the longest bull market in history. The bull run started in March of 2009 after the financial crisis. Back then, the Dow was trading around 6,600 points while the S&P 500 hovered below 1,000 points.

“Sure, 27,000 is just a number and in the whole scope of things isn’t meaningful,” said Ryan Detrick, a senior market strategist at LPL Financial. “What it is though, is a reminder for all investors that this bull market has ignored all the scary headlines for years and the dual benefit of fiscal and monetary policy could mean it has a lot longer to go than most expect.”

In economic news, the U.S. consumer price index — a widely followed measure of inflation — rose more than expected last month, with the core CPI posting its biggest gain in 1½ years. But that failed to dent investors’ expectations that the Fed will deliver a rate cut.

This is good. Let's see how long this will last.

Just Saying.
Dow Jumps 200 Points To Close Above 27,000 For The First Time I6goy

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PostKyng on Sat Jul 13, 2019 11:42 am

Yeah, it's been pretty inconsistent since the beginning of 2018 - it's been having ups and downs every now and then - but it's good to see it's up at the moment Smile .

It's anyone's guess how long it'll last, but for now, enjoy the party, I guess Razz .

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