Thứ sáu, 10 19th

Last updateThứ 5, 18 10 2018 1pm

Bước vào năm mới chỉ số Công nghệ Dow J vượt mốc kỷ lục mới 25000 điểm


GT: Chỉ số Công nghệ Dow Jones nhảy vượt mốc kỷ lục mới 25,000 điểm hôm thứ Năm ngày 4 tháng Giêng, nhảy khoảng 1,000 điểm nhanh nhất trong lịch sử. Chỉ số S&P 500 cũng đạt cột mốc mới hôm thứ Năm. Kinh tế thế giới cũng đang tăng trưởng nhanh hơn. Trong lúc đang có nhiều không khí hào hứng, cũng có các nhà phân tích bày tỏ sự dè dặt. Như ông Bruce Bittles, trưởng chiến lược gia đầu tư của Baird nói, "Nếu sự lạc quan đầu tư quá mức, và tôi nghĩ nó gần tới mức quá mức, tôi sẽ không ngạc nhiên khi thấy bước lùi trên thị trường". Bài của Wall Street Journal trên đề tài này được đăng dưới đây.





Photo: lucas jackson/Reuters




Dow Industrials Cross 25000 for First Time

 S&P 500 also reaches new landmark, logging greatest bull run in postwar era


The Dow Jones Industrial Average jumped past 25000 for the first time Thursday, the index’s fastest run to a fresh 1,000-point milestone in history.


The S&P 500’s long-running rally also reached a new landmark Thursday, becoming the greatest bull market in the postwar era. The broad index has more than quadrupled since the bull market began in March 2009, surpassing the tech-fueled rally of the 1990s, according to the research firm Leuthold Group, which excluded dividends from its calculations. The Dow has risen 283% over that same period, according to the WSJ Market Data Group.


Thursday’s moves marked the latest feats for a rally that has repeatedly wrong-footed skeptics and sent stock indexes around the world to multiyear highs. The Dow industrials hit five thousand-point milestones last year, the most such records in its 120 years.


Faster economic growth around the globe and improving sentiment from consumers and businesses have helped power this rally in recent weeks. Economic data in the first days of the new year continued to suggest steady expansion in the U.S., China and Europe.


“The turn of the calendar year doesn’t change the dynamics of economic growth and earnings growth,” said Kate Warne, investment strategist at retail brokerage Edward Jones. “We shouldn’t be surprised that markets continue to move higher because fundamentals continue to be positive and investor optimism is actually improving rather than investors becoming more cautious.”


The Dow industrials, which heavily weights industrial giants such as Boeing and Caterpillar, gained 152.45 points, or 0.6%, to 25075.13. It took the Dow industrials 23 trading days to reach 25000 from 24000, ahead of the 24-day spans that carried the index to 11000 in 1999 and 21000 in March.


The S&P 500 climbed 10.93 points, or 0.4%, to 2723.99, while the Nasdaq Composite added 12.38 points, or 0.2%, to 7077.91. Each major index closed at fresh records.


Shares of financial firms led markets higher Thursday as a strong private jobs report raised investors’ expectations for further interest-rate increases.


Businesses across the country added 250,000 workers in December, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody’s Analytics, topping economists’ expectations. The U.S. Bureau of Labor Statistics will release its monthly jobs report on Friday.


Goldman Sachs Group gained $3.54, or 1.4%, to $256.83, contributing about 24 points to the Dow’s gain. American Express Co. added 1.65, or 1.7%, to 100.85, while JPMorgan Chase & Co. rose 1.54, or 1.4%, to 109.04.


“Financials had been out of favor for some time, but they’ve been benefiting from this [tax] stimulus,” said Jeff Zipper, a portfolio manager and managing director at U.S. Bank’s Private Client Reserve.


He added the firm has been increasing clients’ exposure to financial stocks as Republicans passed their tax overhaul, and on expectations that the gap between the two-year and 10-year Treasury note yields will increase after nearing its narrowest level in a decade last month. A wider gap between short- and long-term interest rates tends to boost lenders’ profits.


The Dow industrials rose 25% in 2017 as investors bet on solid corporate earnings and a pickup in global economic growth. Analysts and investors say sectors like financials and energy are poised to play a bigger role in pushing markets higher. Recently, the price of oil has risen above $60 a barrel, providing a boost to many of the oil-and-gas companies that languished much of last year.


Shares of Chevron surged in the second half of 2017. The oil producer’s stock has risen 21% in the last six months, roughly double its gain for all of last year. Exxon Mobil has climbed nearly 6% over that same period despite finishing last year lower.


“The risk sentiment is absolutely roaring right now,” said Richard Benson, co-head of portfolio investments at Millennium Global Investments. “As an investor, it’s easy to develop a fear of missing out.”


While some investors are excited by the swift pace at which the Dow climbed the latest 1,000 points, many analysts are quick to note that as the blue-chip index rises, the percentage move required to leap to a new milestone becomes significantly easier. For instance, the move to 11000 from 10000 required a gain of 10%, while the rise from to 25000 from 24000 needed a 4.2% increase.


The market’s steady climb continues to worry some money managers who question whether stock valuations have become stretched, even as earnings for S&P 500 companies this year are projected to grow at their best rate in seven years. A recent jump in investor exuberance has also put some analysts and investors on edge.


“If investor optimism gets excessive, and I think it’s close to being excessive, I wouldn’t be surprised to see” a pullback in the market, said Bruce Bittles, chief investment strategist at Baird.