6th December 2016, GTC Advisors – Dow Jones Closes on Record High
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GENEVA, Switzerland - Dec. 6, 2016 - PRLog -- It has been almost a month since the US held its election and the markets have continued to rally in the United States.
Whilst the main indexes were cautious leading up to the election, since the results, there has been a scramble to get into and hold onto equities for the end of the year.
Positive data on the US Services Sector showing a 1 year high for November helped push the Dow to a record close yesterday, up 45 points or 0.2% to close at 19,216.
The strengthening US economy points to the Federal Reserve looking to possibly raise interest rates as early as next week.
Once the Fed finally starting to make their rate increases the financial services sector is set to benefit massively and for this reason both Goldman Sachs (up 2.3%) and JP Morgan (up 2%) saw exceptional volumes in Mondays trading.
Throughout 2016 analysts have been hedging that there should be a rate increase before the end of the year. Economic data has consistently shown improvement and most significantly unemployment data shows employment benefit claims at their lowest. This all points to Janet Yellen looking to announce the first rate increase since December last year.
Now that Oil appears to be stabilizing, equity markets are expected to push higher towards the end of the year across the board.
Both the S&P 500 and NASDAQ ended the day higher, up 0.6% and up 1% respectively.
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