The Atlanta Journal-Constitution
Wall Street reaches record highs after rally
Stock indexes continue strong start to new year.
Another rally on Wall Street powered stock indexes to more records Thursday.
The S&P 500, Dow Jones Industrial Average and Nasdaq composite notched all-time highs, extending the market’s gains after a strong start to the year.
Encouraging reports on retail, manufacturing, weekly applications for unemployment aid and homebuilders’ confidence also helped lift the market. Investors also weighed a mixed bag of corporate earnings.
Trade deals with China, Mexico and Canada plus positive economic data have helped fuel optimism that corporate profits will be strong this year after coming in flat to down for most of 2019, and that’s keeping investors in a buying mood.
“Because we are continuing to see 2-2.5% GDP growth in the U.S., because both economic growth and earnings are expected to show gains in both the developed and emerging markets, that will likely lead to better earnings here in the U.S.,” said Sam Stovall, chief investment strategist at CFRA.
The S&P 500 index climbed 27.52 points, or 0.8%, to 3,316.81. The index also set all-time highs Monday and Wednesday.
The Dow rose 267.42 points, or 0.9%, to 29,297.64. The Dow closed above 29,000 for the first time Wednesday. Stovall said it’s possible we could see the Dow hit 30,000 this year.
“Because of expectations that we are probably underestimating economic and earnings growth, as a result that 30,000-level will be seen,” he said.
The Nasdaq gained 98.44 points, or 1.1%, to 9,357.13.