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The US stock market is heading for a bravura finish to the week, with the Dow testing new all-time highs and on course for its longest run of weekly gains in close to three years, with few signs that investors are worried about the Fed reducing its stimulus.
With around 15 minutes to the close on Wall Street, the Dow was up 0.29% or 46 points at 16,056, having set a new record high of 16,062.08 in afternoon trading in New York. The Dow is on track for its seventh successive weekly gain, which hasn’t been seen since the start of 2011.
The S&P 500, meanwhile, rose 0.49% to 1804.31, also an all-time high. Barring a late collapse, the S&P 500 is therefore in good shape to complete its highest ever close, having never finished above 1800 before.
It’s an impressive rally, given there are supposed to be worries about tapering following the publication on Wednesday of the minutes from the last FOMC meeting.
Next week is shortened by the Thanksgiving Day public holiday, but is a crucial time for the US retail sector and any early snippets of information about how sales are going will be eagerly awaited by investors.
Early next week we have a deluge of housing data, including pending homes sales, housing starts and Case-Shiller’s home price index.