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Dow Jones Industrials Reach 2016 High
By Rakesh Sharma | April 13, 2016
The Dow Jones Industrial Average outdid itself this afternoon when it surged past its 2016 high established yesterday. As of this writing, it was at 17,863.39, an increase of 0.8% from its starting value today. That figure also represents an increase of 0.8% from yesterday's 2016 high of 17,721.25.
Today's high is due to three reasons: first, China, which is undergoing a volatile transition from a manufacturing-led economy to a services one, reported upbeat economic data this morning; second, oil prices have rallied to 2016 highs at the prospect of stability in a volatile oil market; third banking major JP Morgan Chase Inc. reported better-than-expected results this morning, leading to a surge in bank stocks.
Even a surprise decline in retail data this morning failed to dampen spirits on Wall Street. As of this writing, JP Morgan Chase Inc. (JPM), The Goldman Sachs Group, Inc. (GS), and Caterpillar Inc. (CAT) led the DJIA rally with increases of 4.73%, 3.40%, and 2.96% from their prices at the start of the day.
In a note earlier today, James Paulsen from research firm Wells Capital Management made the case for fear driving the market to new highs. According to him, fear is the primary foundation for markets. “Once the stock market lost its primary foundation, fear, it has since struggled. The S&P 500 has recently suffered three significant corrections (while the first was just shy of the 10% correction definition, two others exceeded 10%). including one in September 2014, another in August 2015, and finally again in January 2016. During the first two corrections, consensus investor attitudes remained sanguine,” he wrote, adding that the third correction in January this year broke investor calm.
“In sum, what the corrections of 2014 and 2015 could not do, the 2016 correction has accomplished. For the first time in a couple years, it has brought back that which made this bull market great — Fear!” he said.
http://www.investopedia.com/articles/investing/041316/dow-jones-industrials-reach-2016-high.asp
By Rakesh Sharma | April 13, 2016
The Dow Jones Industrial Average outdid itself this afternoon when it surged past its 2016 high established yesterday. As of this writing, it was at 17,863.39, an increase of 0.8% from its starting value today. That figure also represents an increase of 0.8% from yesterday's 2016 high of 17,721.25.
Today's high is due to three reasons: first, China, which is undergoing a volatile transition from a manufacturing-led economy to a services one, reported upbeat economic data this morning; second, oil prices have rallied to 2016 highs at the prospect of stability in a volatile oil market; third banking major JP Morgan Chase Inc. reported better-than-expected results this morning, leading to a surge in bank stocks.
Even a surprise decline in retail data this morning failed to dampen spirits on Wall Street. As of this writing, JP Morgan Chase Inc. (JPM), The Goldman Sachs Group, Inc. (GS), and Caterpillar Inc. (CAT) led the DJIA rally with increases of 4.73%, 3.40%, and 2.96% from their prices at the start of the day.
In a note earlier today, James Paulsen from research firm Wells Capital Management made the case for fear driving the market to new highs. According to him, fear is the primary foundation for markets. “Once the stock market lost its primary foundation, fear, it has since struggled. The S&P 500 has recently suffered three significant corrections (while the first was just shy of the 10% correction definition, two others exceeded 10%). including one in September 2014, another in August 2015, and finally again in January 2016. During the first two corrections, consensus investor attitudes remained sanguine,” he wrote, adding that the third correction in January this year broke investor calm.
“In sum, what the corrections of 2014 and 2015 could not do, the 2016 correction has accomplished. For the first time in a couple years, it has brought back that which made this bull market great — Fear!” he said.
http://www.investopedia.com/articles/investing/041316/dow-jones-industrials-reach-2016-high.asp
