This is becoming an almost daily routine, that is, that both the Dow Jones industrial average and S&P 500 closing at yet another record high on Monday, reported CNN Money. For example, the Dow jumped over 112 points to close at 16,695.47, and the S&P 500 ended the day about a percent higher at 1,896.65. Even the Nasdaq rose amidst a pullback in tech stocks, and it got a nice bounce of roughly 1.8%.
This is a continuation of the "Obama Stock Market," as the Dow and the S&P 500 have continued on its meteoric rise. On President Obama's first inauguration day on Jan. 20, 2009, the DJIA was sitting at 7,949.09. It then bottomed on March 9, 2009 at 6,547.05, which at the time was its lowest level since 1997.
Since March 9, the Dow has not looked back, supported by an improving economy, albeit a slow-moving but growing economy.
Even the CNNMoney's Fear and Greed Index, which has been languishing in fear mode for the last month, mainly dragged down by tech stocks like Twitter,yesterday the index finally moved into neutral mode on Monday.
The rally is poised to continue today as futures trading for the Dow Jones Industrial Average rose 27 points to 16,682, while those for the S&P 500 index added 1.9 points to 1,894.70. In addition, the futures for the Nasdaq-100 gained 4 points to 3,611.75.
Today, according to Marketwatch, retail-sales data will be released at 8:30 a.m. EST, and economists polled by MarketWatch are forecasting a 0.4% rise in sales for April, milder than the 1.1% gain seen in March.
A number of highlights today will be the revival of talks between Pfizer Inc. and AstraZeneca. Bloomberg reports that European stocks rose, extending a six-year high, amid better-than-forecast earnings from ThyssenKrupp AG to Airbus Group NV. (AIR).
The upturn in the stock market was also notable in the shares of smaller companies, which have fallen out of favor lately as investors have flocked to larger, more established companies.
On Monday, the Russell 2000 small-cap index gained 26.43 points, or 2.4%, to 1133.65, its largest advance in two months. It remains 6% below its all-time high of 1208.65 reached in March, and was nearing a so-called correction—market parlance for a loss of 10%—until Monday's rebound.
CNN Money - Happy Monday! Dow, S&P close at record highs