There was more to cheer about yesterday in the US stock market as the Dow hit another record high. From Reuters:
U.S. stocks rose on Monday, pushing the Dow to an all-time intraday high just short of 12,000, amid positive assessments of the economy and an advance in energy shares, boosted by a jump in oil prices...
The Dow Jones industrial average rose 20.09 points, or 0.17 percent, to end at a record 11,980.60. The Standard & Poor's 500 Index gained 3.43 points, or 0.25 percent, to 1,369.05, after hitting a fresh 5 1/2-year intraday high at 1,370.20. The Nasdaq Composite Index advanced 6.55 points, or 0.28 percent, to close at 2,363.84.
A relatively good report from the October Empire State Manufacturing Survey helped.
The Empire State Manufacturing Survey indicates that conditions for New York manufacturers improved at an accelerated pace in October. The general business conditions index rose 9 points to 22.9.
Other asset prices have also been hitting record highs. From another Reuters report:
House prices in England and Wales surged an annual 11.5 percent in October, taking asking prices to a record high, a survey showed on Monday, in a further sign higher borrowing costs have not stifled demand.
The Rightmove house price index showed prices rose 2.0 percent in October month-on-month, pushing the annual rate to its highest level this year. The figures are not adjusted to take into account seasonal changes in the market.
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