US Indexes Hit Record Highs In Early Morning Trades
This morning, the Dow Jones industrial average broke through the 16,000 mark for the first time in history. The S&P 500 also set a record, boosting through 1,800 shortly after trading began this morning. The record setting highs were short-lived, as both indexes dropped below the benchmarks within half an hour of hitting them. The Dow has since rebounded to come back above 16,000.
This year has recorded a sharp rise in stocks, as our economy in the U.S. is slowly improving. Companies that are based in the U.S. are reporting profits that are bigger than recent years in the past. Also, the Federal Reserve has contributed to the rise by continuing its easy-money policies.
Three times this year, the S&P 500 has broken through benchmark milestones. On January 25th, the index hit 1,500 for the first time, then 1,600 on May 3rd, and finally 1,700 on August 1st. This makes the fourth time this year that the index has broken through a record, and 1,800 was the mark. The S&P has risen by 26 percent this year, and has been on a rise for the last six weeks. This is the first time since 2003 that a rise like this has been recorded in the market.
The S&P is currently up .04 percent at 1,798.93, which is a .75 point rise. The Dow is up .26 percent to 16,003.28, or up 41.58 points.
The biggest contributor to the S&P’s rise was Tyson Foods, Inc (NYSE:TSN).
The stock rose by $1.10 this morning, or a 3.8 percent jump, to touch $29.86. According to the company, its net income recorded a huge rise of 41 percent during the last quarter, contributing to the quick rise in its stock price. The company attributes the better income to higher beef and chicken prices.
