Dow 35,000: Inside the climb ahead of the Federal Reserve meeting
Pullback could be normal because bull markets don’t grow forever: Strategist
Yardeni Research President Ed Yardeni and LPL Financial chief strategist Ryan Detrick weigh in on the Federal Reserve, evaluation metrics, and what to expect from markets in the coming months.
What a difference just four days can make for stock market investors.
DOW JONES AVERAGES
The Dow Jones Industrial Average closed above 35,000 on Friday for the first time in history, after registering its worst drop since October on Monday with a 725.81 point pullback.
The sharp decline was prompted by a rapid uptick in COVID-19 cases, but as solid corporate earnings rolled in from the likes of American Express, IBM, and Snap to name a few, investors jumped back into U.S. equities.
Earnings, according to John Butters, are coming in at the strongest level in history.
As of Friday, 88% of S&P 500 companies have reported better-than-expected second-quarter profits. If this level holds, it will mark the highest percentage of S&P 500 companies reporting positive profit surprises since FactSet began tracking this metric in 2008, Butters wrote in a research note.
AMERICAN EXPRESS CO.
INTERNATIONAL BUSINESS MACHINES CORP.
This is the fifth 1,000 point milestone of 2021 for the Dow 30, the most in a single year since 2017 when it also notched five 1,000 point milestones, as tracked by Dow Jones Market Data Group.