Hamartia Antidote
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http://www.forbes.com/sites/rogerai...ndustrial-average-reaches-21000/#19a9b3e2eddf
Has there ever been this much bullishness in equity markets? The reflationary trade has pushed US and UK stock markets to fresh highs, with the Dow Jones, S&P 500, Nasdaq, FTSE 100 and FTSE 250 all notching up new records today despite the renewed prospect of an interest rate hike in the US next month.
The Dow Jones Industrial Average (DJIA) breached 20,000 for the first time on January 25. And, after fading at the end of last month it would appear to have now broken free. But what's next for the index?
Neil Wilson, a market strategist at brokerage ETX Capital in London, said back then in late January that it would “not be long” before a level of 21,000 was in sight. He was not far wrong.
Today the major U.S. blue-chip index just needed to rise a little over 2% to reach that level. At 12.04pm EST this Wednesday the index was up 78.22 (+0.38%) at 20,582.63 points. Compared to this time one year ago - when it stood at 16,196.41 on February 16, 2016 - it is up a tad over 27% over that time and an impressive 4,386.22 points to the good.
People walk by the New York Stock Exchange (NYSE) early this February. (Photo by Spencer Platt/Getty Images).
The prospect of higher rates being announced by the Federal Reserve Open Markets Committee (FOMC), which convenes its next meeting on March 14-15 and will include a Summary of Economic Projections and a press conference by the Chair, and loosening of bank regulation means financials will likely continue to lead the assault.
Has there ever been this much bullishness in equity markets? The reflationary trade has pushed US and UK stock markets to fresh highs, with the Dow Jones, S&P 500, Nasdaq, FTSE 100 and FTSE 250 all notching up new records today despite the renewed prospect of an interest rate hike in the US next month.
The Dow Jones Industrial Average (DJIA) breached 20,000 for the first time on January 25. And, after fading at the end of last month it would appear to have now broken free. But what's next for the index?
Neil Wilson, a market strategist at brokerage ETX Capital in London, said back then in late January that it would “not be long” before a level of 21,000 was in sight. He was not far wrong.
Today the major U.S. blue-chip index just needed to rise a little over 2% to reach that level. At 12.04pm EST this Wednesday the index was up 78.22 (+0.38%) at 20,582.63 points. Compared to this time one year ago - when it stood at 16,196.41 on February 16, 2016 - it is up a tad over 27% over that time and an impressive 4,386.22 points to the good.
People walk by the New York Stock Exchange (NYSE) early this February. (Photo by Spencer Platt/Getty Images).
The prospect of higher rates being announced by the Federal Reserve Open Markets Committee (FOMC), which convenes its next meeting on March 14-15 and will include a Summary of Economic Projections and a press conference by the Chair, and loosening of bank regulation means financials will likely continue to lead the assault.
