Dow Jones’ New High
A sign of relief has come after Tuesday’s Don Jones Industrial average closing at an all-time high. The record topped the previously all-time high of 14164.53 in October of 2007 by closing at 14253.77. According to Jack Ablin, investment officer at Chicago’s BMO Private Bank, who manages 66 billion, this is a sign of “achievement that we have climbed out of this crater.”
Slowly but surely throughout the duration of the 4 years of slow recovery, stocks are picking up, businesses are regaining stability, consumer spending confidence appears to be positive, housing markets are healing, and service sectors data shows positive sign. Even though there are good signs, many traders are still very skeptical of conditions of the stock prices by saying that the economy is still sluggish in comparison to the activities on the stock markets. However, according to Mark Otto, director of exchange floor from Knight Capital Group, traders are definitely “more caution”, which he claims is a “momentum to the upside”.
In today’s closing there are mentioning of several blue chip stocks that pushed the earnings up. These companies included: Cisco Systems, gaining 2.3 percent; Johnson and Johnson, gaining .6 percent; Pfizer, gaining 1.37 percent.
Written by: Victor To