The Dow Jones Industrial average and the S&P 500 reached yet another milestone, closing at new 52 week highs on Thursday.
The DOW reached a high of 15,589.40 before settling in at 15,548.54. The S&P peaked at 1693.12. Leading the charge, BAC, JPM, DD, XOM, BA, UTX and MMM each made new yearly highs. With the backdrop of an improving economy and a better housing market, Investors and consumers alike may be showing some signs of relief.
While not every Economic indicator has been positive, enough signs of improvement have left the FED open to the idea of tapering bond purchases. Initial concerns have been abated as Fed Chairman Ben Bernanke reassured investors a healthy enough economy will dictate the Fed’s moves. There is no preset timeline. Low inflation is also a concern.
As for stocks; earnings and prospects for future growth should take center stage. We are in the heart of earnings season. As for the economy and lawmakers, they have their hands full with the debt ceiling, problems with Obamacare and headlines like the Detroit bankruptcy.
