The Dow Jones Industrials are up 80 points to 17,056 and the S&P 500 is adding 8 points to 1,983 – new all time records for the US market and meaning that the Dow has crossed the 17,000 mark for the first time ever. It took the Dow just 153 trading days to go from 16,000 to 17,000. Euphoria is the word in the markets right now.
The further jolt upwards today was caused by the US non-farm payrolls number which came in better than expected and the unemployment rate hit a six year low. 288,000 jobs were created in June versus expectations of around 215,000 and compared with 244,000 jobs created in May. The unemployment rate dropped from 6.3% to 6.1%, the lowest since September 2008.
After a 2.9% fall in GDP in the first quarter of 2014 blamed on poor weather, hopes were high for a strong employment number last month to confirm the view of the US Federal Reserve that economic growth would be strong in the remainder of 2014.
Retail jobs grew by 42,000 and 16,000 manufacturing jobs were added last month, whilst construction companies created 6,000 positions.
As I said a week or so ago, the upward trend in the markets seems unstoppable right now as decent economic data keeps on coming. That elusive sign of correction, seems just that, very elusive!
Contrarian Investor UK
IMPORTANT: The posts I make are in no way meant as investment suggestions or recommendations to any visitors to the site. They are simply my views, personal reflections and analysis on the markets. Anyone who wishes to spread bet or buy stocks should rely on their own due diligence and common sense before placing any spread trade.
by contrarianuk
Dow Jones Industrials blast through 17,000
Jul 3, 2014 at 4:04 pm in Market Commentary by contrarianuk
The Dow Jones Industrials are up 80 points to 17,056 and the S&P 500 is adding 8 points to 1,983 – new all time records for the US market and meaning that the Dow has crossed the 17,000 mark for the first time ever. It took the Dow just 153 trading days to go from 16,000 to 17,000. Euphoria is the word in the markets right now.
The further jolt upwards today was caused by the US non-farm payrolls number which came in better than expected and the unemployment rate hit a six year low. 288,000 jobs were created in June versus expectations of around 215,000 and compared with 244,000 jobs created in May. The unemployment rate dropped from 6.3% to 6.1%, the lowest since September 2008.
After a 2.9% fall in GDP in the first quarter of 2014 blamed on poor weather, hopes were high for a strong employment number last month to confirm the view of the US Federal Reserve that economic growth would be strong in the remainder of 2014.
Retail jobs grew by 42,000 and 16,000 manufacturing jobs were added last month, whilst construction companies created 6,000 positions.
As I said a week or so ago, the upward trend in the markets seems unstoppable right now as decent economic data keeps on coming. That elusive sign of correction, seems just that, very elusive!
Contrarian Investor UK
IMPORTANT: The posts I make are in no way meant as investment suggestions or recommendations to any visitors to the site. They are simply my views, personal reflections and analysis on the markets. Anyone who wishes to spread bet or buy stocks should rely on their own due diligence and common sense before placing any spread trade.