20/06/2024

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Dow closes above 38,000 for 1st time, setting record high

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The Russell 2000 index RUT of small-cap stocks outperformed with a 3.5% increase, according to FactSet data. The Dow Jones Industrial Average scored both an intraday high and a record close on Wednesday after the Federal Reserve signaled a pivot to rate cuts was likely in 2024. “Still, interest rates are much higher than at the beginning of 2022 and earnings expectations for 2024 are already high at close to 12% growth so expectations should be tempered,” devops github gitlab jira he added. The market rally in recent days could owe in part to expectations among some investors of interest rate cuts at the Federal Reserve as soon as March. The recent surge follows a stellar showing for markets in 2023, driven in large part by optimism about the prospects for a “soft landing,” in which inflation comes down to normal levels while the economy avoids a recession. The tech-heavy Nasdaq inched up to 15,360 by the end of trading on Monday.

  1. Markets tend to rise as the economy expands, the Dow is no exception, although it reflects periods of volatility, is the second-oldest U.S. market index still in use.
  2. Employment — The U.S. economy added 14,263,000 jobs between Biden’s inauguration and December, the latest month for which data are available from the Bureau of Labor Statistics.
  3. It began on Jan. 4, when the Dow closed 160 points lower as investors worried about a slowdown in China’s economic growth.

Salesforce has been the leader in customer relationship management (CRM) software for 10 consecutive years, and the CRM market is forecast to grow by 14% annually through 2030. Similarly, Microsoft is the leader in enterprise software-as-a-service and operates the second-largest cloud computing platform; those markets are also projected to grow by 14% annually through the end of the decade. The Dow responded with new highs throughout the latter part of 2019, even though trade negotiations had broken down until November. It hit a milestone on July 11, closing above 27,000, and then another on Nov. 15, closing above 28,000 (in the chart below, milestones are noted). The Dow Jones Industrial Average (the Dow) is an index of the 30 top-performing U.S. companies. The most recent all-time-high record (as of this writing) was on Jan. 4, 2022, when it closed at 36,799.65.

Incremental closing milestones

Finally, it’s important to realize that the Dow is mostly comprised of well-known, brand-name companies — and long-term investors love to buy companies they’re familiar with. Information provided by Titan Support is for informational and general educational purposes only and is not investment or financial advice. Stay informed on the most impactful business and financial news with analysis from our team. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services.

When Will the Fed Start Cutting Interest Rates?

13The Dow first traded above 10,000 on Tuesday, March 16, 1999, but dropped back before closing that day. The Dow closed at 9,997.62 on Thursday, March 18, 1999.[18] It would take nearly two weeks to close above 10,000 on Monday, March 29, 1999. 11The Dow reached an intraday high above 3,000 for the first time on Friday, July 13, 1990, before falling back below by the close. The average closed at 2,999.75 on Monday, July 16, 1990, and closed unchanged the following day;[17] however, it would take until April 17 of the next year for the Dow to finally close above 3,000.

The market fell more than 50% in just a year and a half, due to the subprime mortgage and credit crisis that kicked off the Great Recession. In the autumn, it began to consistently close above 35,000 points, and by the last week in Dec. 2021, it surpassed 36,000 points. The Dow fell 17% in three months, from 2,864.60 on Aug. 2 to 2,365.10 on Oct. 11, 1990. The Dow gained 3,472.56 points during 2013, higher than any prior year on record. A November streak occurred after Donald Trump’s presidential win on Nov. 8.

That rise was propelled by motorists resuming travel after pandemic lockdowns and then by Russia’s invasion of Ukraine on Feb. 24, 2022. During the week ending Jan. 22, the national average price of regular gasoline at the pump was $3.06. That’s 68 cents higher than in the week before Biden took office, an increase of 29%. The unadjusted CPI rose 3.4% in the 12 months ending in December, the most recent figure available.

2005 (0 record closes)

It took almost four years for the market to bottom out at that time. The Dow was volatile in 2015 because it was based on just a few companies. Record-low interest rates allowed firms such as Apple and IBM to borrow billions to buy back shares. These actions artificially raised their earnings per share and the prices of their remaining outstanding stocks (stocks which are still held by shareholders). By Jan. 20, it closed at 15,766.74, as investors panicked over plummeting oil prices, the devaluation of the yuan, and turmoil in China’s stock market. The Dow Jones Industrial Average is one of the many gauges of stock market performance.

The RNC report highlights a rise in homicides in Washington, D.C., Kansas City and Memphis. “Business and academic economists surveyed by the Journal lowered the probability of a recession within the next year, to 39% from 48% in the October survey,” the Journal wrote on Jan. 14. That’s the lowest it has been since April 2022, when the average probability of a recession was 28%. In November, there was an average 1.4 jobs for every unemployed job seeker. When Biden took office, there were fewer job openings than unemployed job seekers.

List of 10,000-point milestones by number of trading days

The Dow Jones Industrial Average is a stock index of 30 U.S. blue-chip large-cap companies, which has become synonymous with the American stock market as a whole. The index, however, only has 30 companies, and the index itself is price-weighted, meaning that it does not always present an accurate reflection of the broader stock market. As the economy changes over time, so does the composition of the index.

Dow Jones Network

The price-weighted Dow Jones Industrial Average, however, has fallen by more than 9% in the year so far. After a brief false start at the beginning of the new year, the stock market has returned to form https://traderoom.info/ in recent weeks, capping multiple record highs. On Friday, the S&P 500 climbed 1.2% to a record high of 4,839, eclipsing its previous peak of 4,796, set more than two years ago on January 3, 2022.

Still, over the last 12 months, the U.S. imported about 6.39 million barrels of crude oil per day on average. That’s up more than 8.7% from average daily imports in 2020 — but lower than the pre-pandemic average of 6.80 million barrels per day in 2019. In its Short-Term Energy Outlook for January, the EIA projected that crude oil production averaged 12.92 million barrels per day in 2023, which would be the highest average on record. EIA also said it expects crude oil production — fueled by increases in well efficiency — to increase to 13.2 million barrels per day in 2024 and 13.4 million in 2025, which would be new records. The Centers for Disease Control and Prevention’s National Health Interview Survey provides more recent, early release estimates that measure those who lacked health insurance at the time they were interviewed. By that metric, the uninsured dropped by 1.3 percentage points, or 4 million people, from 2020 to 2022, and the latest NHIS report shows a further decline for the first nine months of 2023.

That’s substantially higher than the 6,757 refugees — or 2,252 per month — who were admitted in the first three months of last fiscal year. To achieve that goal, the administration would have to admit an average of 10,417 refugees per month. Title 42, a public health order that was used during the pandemic to allow border officials to immediately return migrants caught trying to enter the country illegally. Republicans and Democrats alike have been calling for immigration policy changes, though their plans are very different.

The DJIA tracks the price movements of 30 large companies in the United States. The selected companies are from all major U.S. sectors, except utilities and transportation. Many critics of the Dow argue that it does not significantly represent the state of the U.S. economy as it consists of only 30 large-cap U.S. companies. They believe the number of companies is too small and it neglects companies of different sizes. Many critics believe the S&P 500 is a better representation of the economy as it includes significantly more companies, 500 versus 30.

Labor Force Participation — One reason many job openings go unfilled is that millions of Americans left the workforce during the pandemic and haven’t returned. The labor force participation rate (the percentage of the total population over age 16 that is either employed or actively seeking work) has risen slowly during Biden’s time, from 61.3% in January 2021 to 62.5% in December. Unemployment — The unemployment rate fell from 6.4% at the time Biden took office to 3.4% in January and again in April, the lowest since June 1969. Since then, the rate has crept up — but only to 3.7% in December, just 0.2 point above the pre-pandemic rate. Employment — The U.S. economy added 14,263,000 jobs between Biden’s inauguration and December, the latest month for which data are available from the Bureau of Labor Statistics. The December figure is 4,861,000 higher than the February 2020 peak of employment before COVID-19 forced massive shutdowns and layoffs.