Wall St extends gains, Dow at new record high

The leading stock index benchmarks pushed higher late into today’s trading session, with the S&P 500 on track to close above 1800 for the first time.

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.

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.