Tuesday, April 2, 2013

Dow and S&P 500 Both Set Records Today

Well, it finally happened.

Both the Dow and S&P 500 closed at record highs today.

Now we won't have to listen any longer to the "experts" predict when the market will reach new highs. That's a done deal.

Dow and S&P 500 finish at all-time closing highs has the breaking news:

"U.S. stocks gained Tuesday, with the Dow Jones Industrial Average and the S&P 500  both closing at record highs as health insurers rallied on Medicare-reimbursement news and U.S. factory orders rose in February.

"There are still some risks out there. But for the market to be at new highs here, based on where earnings are, and where economic growth is, it's reasonable," says Jim Dunigan, managing executive for investments at PNC Wealth Management.

At 4 p.m. Eastern, the Dow industrials rose 88.78 points, or 0.6%, to 14,661.94, with the blue-chip index topping the prior record hit late last week. The S&P 500 added 8.04 points, or 0.5%, to 1,570.21, its all-time closing high. The Nasdaq Composite rose 15.69 points, or 0.5%, to end at 3,254.86, with the technology-heavy index 1,793.76 points from its record-high finish of 5,048.62, set on March 10, 2000."

Summing Up

Now that that's over, we can all look forward to surpassing the inflation adjusted highs in another couple of years or so. That will take an additional ~20% increase in share prices.

And as for the NASDAQ, we could be in for a very long wait there. That bubble was a really huge one.

In any event, it's always nice to get to new highs and even nicer when prices keep climbing over time, which they do.

Thanks. Bob.

No comments:

Post a Comment