Dow Jones Industrial Average Hits All-Time Highs
The Dow Jones Industrial Average (DJIA) closed at a record high and proved that investors are not expecting a recession anytime soon, according to The Wall Street Journal.
The DJIA crossed the 28,000 mark in the last minute on Friday's trading session. The recent rally in the stock market has been attributed to better than expected earnings and easing tensions in the U.S.-China trade war.
Furthermore, a recent rate cut from the Federal Reserve and strong economic data have added to the rally that helped drive the DJIA to its milestone. The Labor Department reported that the economy added 128,000 job in October, beating analyst expectations by a large margin.
“I’m not going to say the economy’s going to boom, but it should start to pick up,” said Jay Hatfield, chief executive and portfolio manager at InfraCap. “We think we’re still far away from a recession,”
With increased investor outlook, bears and pessimists still confirmed that markets could take a turn for the worse if the U.S.-China trade war looks like it is going south.
The Dow Jones Industrial Average reached an all-time high in the last minute of Friday's training session due to a variety of factors contributing to positive investor sentiment regarding economic outlook in the future.