DOW CLOSES ABOVE 15,000 FOR THE FIRST TIME EVER: Here's What You Need To Know

Business Insider

View photo

.
champagne ice celebration mumm

e_calamar / Flickr

It was another quiet day during what's expected to be a very quiet week. Meanwhile, the stock market continues to climb off the charts.

First the scoreboard:

Dow: 15,056, +87.3 pts, +0.5%
S&P 500: 1,625, +8.4 pts, +0.5%
NASDAQ: 3,396, +3.6 pts, +0.1%

And now the top stories:

  • Stocks staged yet another rally and closed at all-time highs.  The Dow closed above 15,000 for the first time ever.
  • "The rally’s resilience would argue that investors are upbeat but the data does not support the premise," said Citi's Tobias Levkovich who argues sentiment is a contrarian indicator for the stock market. "In our minds, this would imply that share prices can move even higher in the near term and an S&P 500 overshoot to 1,650-75 is plausible by the summer followed by some giveback later in the year."
  • "Hedge funds were the sole net buyers, and have now bought US stocks for three consecutive weeks," said Bank of America Merrill Lynch's Savita Subramanian citing weekly client investment flows.  BAML's private and institutional clients have been selling this rally.
  • According to new data from the Federal Reserve, consumer credit balances grew by just $7.96 billion in March, which was much lower than the $15.60 billion expected.  There was a big jump in nonrevolving debt (e.g. auto loans, student loans, mortgages). Of that, federal government lending to consumers, almost all of which is for student loans, surged by $3.9 billion.
  • Home prices were up 10.5% year-over-year in March, according to the latest data from CoreLogic.
  • Don't Miss: GOLDMAN: These Are The 11 Most Overpriced Stocks In The Market >


More From Business Insider

Rates

View Comments (0)