American stock indices increased at the end of trading on Thursday, the value of the Dow Jones Industrial Average for the first time in history exceeded 24 thousand points.
This benchmark has no value from a technical or a fundamental point of view, however, is a psychological factor which has an impact on skeptical investors, MarketWatch notes.
The level of 24 thousand points – “only a round number,” says chief investment officer at Commonwealth Financial Network, brad McMillan. On the other hand, every time the Dow Jones overcomes another thousand points, “amplified public opinion, the market is growing and we need to participate in this climb”, he said. “It’s kind of a reminder: “Hey, you miss something important, if you do not start to buy,” he said.
The Dow Jones finished the day above the level of 23 thousand points on October 18, that is, to overcome another of the thousands of items it took 30 trading sessions.
In November, the Dow Jones industrial average down 3.8 percent, while it rose at the end of the eighth month in a row that hasn’t happened since July 1995, according to data from FactSet. The value of the Standard & Poor’s 500 increased by 2.8%, the rise of the indicator lasted also the eighth month – the longest such period since January 2007. The Nasdaq Composite index finished in positive territory for the fifth month in a row (a record since may of this year), while in November the growth was 2.2%.
The optimism of the market on Thursday was due to the progress of tax reform in the United States. A final vote on it could take place on Thursday evening local time.
The number of Americans who first applied for unemployment benefits last week fell by 2 thousand to 238 thousand, the report says the U.S. Department of labor. The number of applications for the previous week was revised from 239 thousand to 240 thousand Experts on average had expected growth of 1 thousand with the previously specified level – up to 240 thousand
Expenses of the US population in October increased by 0.3% compared with the previous month, the growth for which was revised from 1% to 0.9%, according to data from the Ministry of Commerce of the country. Analysts on average also predicted the increase in costs of 0.3%. Meanwhile, the incomes of Americans in the past month increased by 0.4% in the previous month, instead of the expected slow rise to 0.3%.
Share of high-technology companies that demonstrated the fall on Wednesday, the last day of November showed signs of recovery. Including the price of Facebook rose 1.2%, Amazon.com – 1.3%, Apple – by 1.4% and Nvidia – 2.2%.
The price of securities the Kroger Co. jumped more than 6% after the owner of a chain of supermarkets in the last quarter has received net profit and revenue above the average of analysts ‘ forecasts.
Market value CostCo Wholesale Corp. increased by 3.9% on the data about increase in comparable sales of the retailer in November by 10.8%.
Meanwhile, the stock prices of Barnes & Noble Inc. fell by 11.5%. Net loss for the largest U.S. network of bookstores in the last quarter was more than the expectations of experts.
Capitalization, Juniper Networks Inc. fell by 5.9% on the news that Finland’s Nokia Corp. denies interest in buying this manufacturer of networking equipment.
The Dow Jones Industrial Average on Thursday rose 331,67 paragraph (1,39%) – to 24272,35 points.
Standard & Poor’s 500 per day increased by 21.51 points (0,82%), making 2647,58 points.
The value of the Nasdaq Composite on the results of trades increased by 49.58 points (0,73%) to 6873,97 points.