- Dow reaches closes at 15, 056 as S&P 500 also hits record
- Major U.S. indices have now made up all their losses from financial crisis
- In a major boost for the global economy, the Dow Jones Industrial Average closed above 15000 points for the first time on Tuesday.
Ending the day 87 points up on Monday, the Dow closed up 0.6 percent to 15,056.20 – the latest landmark in a near four-year rally which has seen the stock market rise 130 percent.
The historic gains will fuel growing confidence in the U.S. economy, but the Federal Reserve is not expected to relax its policy of keeping interest rates at almost zero – seen by many as a key supporting factor in the rise of the Dow.Record: The Dow Jones Industrial Average today reached its highest ever level at 15,013
Analysts have attributed the steady rise of the NYSE to investors fear of missing out on the rally replacing their concerns about the risk of a sell off.
Earlier today, the stockmarket hit new highs as the Dow passed a record-breaking 15,000.
The index, which tracks the value of 30 of the biggest American companies, smashed through 15,000, before falling back slightly.The S&P 500 also reached its highest level ever as the prolonged stock rally showed no sign of slowing down despite the struggling global economy.The S&P has risen for three straight days, increasing more than 13 per cent so far this year – more than in the whole of 2012.
Yesterday it closed at a record high of 1,617, and today reached an intraday high of 1,620.The strong performance of equities in recent days has been attributed to last week’s strong employment figures from the U.S., as well as the Federal Reserve’s stimulus programme. Healthy profits at major U.S. corporations are also driving the market higher.More than 80 per cent of companies in the S&P 500 have reported their first quarter-earnings, and profits are at a record level.
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Soros Earns $19 Million in 36 Hours on Currency Bet
It may go down as one of the great currency bets in Australian dollar history – a $US1 billion gamble on a Reserve Bank rate cut that has delivered a $US19 million ($18.65m) profit in 36 hours.
The beneficiary, if you believe the rumour mill, is investment legend George Soros.
Best of all, it appears the 82-year-old American pulled off the deal three times, all with different foreign exchange brokers in Asia, for a tidy profit of almost $US60 million.
Not bad for a bloke who, just three weeks ago, was wrongly declared dead.
Are we on the verge of a dollar collapse? Don’t believe the skeptics. The truth is that there is no currency in the world that is stronger than the old greenback. The U.S. dollar is the reserve currency of the world. Virtually all of the nations on the face of the earth use it for trading and they always will. Why? Because the U.S. dollar is awesome. No currency on earth can compete with our awesomeness. So what that the dollar hit a new all-time record lowagainst the Swiss franc today? Do you really want to move over with the Swissies and eat chocolate and make watches? No, you want to live in the land of American Idol, the NFL and apple pie – the good old USA. Who cares if it takes about a dollar and a half to buy a single euro now? Do you really want to go live with the Frenchies and eat a bunch of French bread while you wear a beret every day? Of course not. There isn’t going to be a dollar collapse. As long as the USA is still number one the rest of the world is still going to need U.S. dollars. So quit your worrying. (Read More….)