Friday, 11 November 2016

Dow hits record high amid mixed markets

Markets were mixed on Thursday.

Asian stocks rose in the wake of the rally in the West the previous day. The Nikkei 225 in particular surged 6.7 percent.

In the US, the Dow Jones Industrial Average rose 1.2 percent to finish at a record high while the S&P 500 edged up 0.2 percent but the Nasdaq Composite fell 0.8 percent.

European stocks fell after rallying earlier in the day. The STOXX Europe 600 finished 0.3 percent lower.

Michael Reilly, chief investment officer for equities at TCW, said that “the market is expecting an emphasis on fiscal spending initiatives to jump-start the economy”.

However, Bruce McCain, chief investment strategist at Key Private Bank, warned that “as we get into the coming days and weeks, we’ll need to rethink a lot of our initial reactions” as there “are a lot of things we don’t know”.

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