Dow Closes Above 15,000 For The First Time Ever
It’s a good Tuesday for Wall Street.
When the New York Stock Exchange closing bell rang at 4 pm EST, the Dow Jones Industrial Average had climbed 87.3 points over the course of the day and closed at 15,056—a record number and the first time the Dow has ever closed above 15k. The S&P 500 also ended at a record high.
U.S. markets have been gradually moving higher due to an unexpectedly high jobs report last week and news in Europe; both the European and the Japanese markets have also been rising in response to favorable news about central bank stimulus and the German economy.
The Euro Stoxx 50 increased 0.75% to 2771, while the English FTSE rose 0.4% to 6548 and the German DAX gained 0.92% to 8187. In the Asia markets, the Chinese Hang Seng gained 0.58% to 23047, and the Japanese Nikkei 225 leapt 3.6% to 14180.
So far this year, the Dow is up a total of 15%.
“We don’t think people are giving enough credit to the strength of the economy,” said Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research. “We still like the market.”
Detrick added that he found the recovery rate of smaller stocks encouraging and a sign that a larger resurgence was in the works. This year, the Russell 2000 index of small businesses has already risen 13.6%.
Direct TV and Fossil were among companies reporting higher-than-anticipated quarterly earnings, with the watchmaker gaining roughly 10%.