The Dow Jones Industrial Average and other stock indexes hit fresh highs on the heels of strong jobs data Thursday (Jan. 4).
As reported by CNBC.com, the Dow hit more than 25,000, trading at 25,075.13, a new peak that caps the fastest 1,000-point rise in history. The index was perched at about 24,000 for the past 35 calendar days before reaching the new high. The Dow’s standout performers included IBM and General Electric, which were each up more than 2 percent.
In terms of indexes notching other highs, the Standard and Poor’s 500 Stock Index was up 0.4 percent at 2,723.99, also a new high.
The catalyst was the jobs report. Private sector firms added 250,000 positions last month, as estimated by Moody’s Analytics and ADP – significantly better than the 190,000 that had been expected.
In an interview with CNBC, Tim Courtney, who serves as chief investment officer at Exencial Wealth Advisors, said “right now we’re in this Goldilocks scenario,” stating that “the news has been good. Confidence is up. Everything is lining up just right.”
The latest gains in equities follow a strong 2017, where the Dow and S&P gains topped 19 percent.
As The Washington Post reported, some sell side analysts, such as those at Credit Suisse, see the S&P finishing 2018 at 3,000, a gain of around 10 percent from this week’s debut. Elsewhere, Wells Fargo predicts a target of 2,800 to 2,900 points.
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