The Dow Jones Industrial Average broke above the 25,000 level for the first time on Thursday and other major indexes scaled new records, propelled by strong U.S. private jobs numbers that added to a stream of robust economic data from across the world.
The 30-member blue-chip index crossed five 1,000-point marks in 2017, on the back of President Donald Trump’s pro-growth agenda and solid corporate earnings.
Wall Street carried the momentum into the New Year, with the benchmark S&P index closing above 2,700 for the first time on Wednesday and the Nasdaq settling above 7,000 a day earlier.
“The point that people need to take is that the macro indicators are telling investors that world economies are doing really well,” said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.
“As the index (Dow) goes ever high in time, it is going to be less and less meaningful.”
Strong manufacturing and services sector data from the world’s largest economies helped global shares climb to new levels on Thursday.
A report showed U.S. private employers stepped up hiring in December and planned layoffs by American-based companies fell sharply, pointing to sustained labor market strength.
Private employers added 250,000 jobs in December, according to the ADP National Employment Report, above the 190,000 additions forecast by economists polled by Reuters.
Focus will shift to the more comprehensive non-farm payrolls report, which is expected on Friday. (Reuters)
