Dow 40K and Beyond - Another Rapid Rundown

05/17/24 • 9 min

The Stock Market hit a fresh, all-time high this week. The S&P 500 cleared 5300 for the first time. The Dow reached a new, major pinnacle of 40K. The rally continued. All that seemed to matter to the Market was that Fed Chair Powell signaled the next rate move will, in all likelihood, be down, and not up. It was off to the races for stocks with a historic Friday finish. There's nothing like some big round numbers to get the Bulls excited. Hats and champagne were present on the floor of the exchange. No matter how you slice it, the continued strength for stocks is quite impressive...

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A Story Worth Telling

One thing is clear: Investors are still in good shape. The rally continued with a series of low-volume gains this week. The Dow rose 8 straight days for the first time this year. The 5% sell-off in April has all but been erased. The Dow, S&P and NAS are less than 1% away from their all-time record highs reached last month. Sector participation has definitely broadened, and Tech has not been the leader...

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Memorial Day in America

It's Memorial Day weekend. That marks the beginning of the Summer driving season. The economic health of the American consumer will be on display. It certainly matters to the Market as consumer spending accounts for 70% of America's Economy. The good news is the price of Oil is below $80. Gas prices across the country are back near lows of the year and match last year's level of $3.58 per gallon. Of course, those of us in California see much higher prices at the pump. Lower gas prices mean more money to spend elsewhere...