The Dow Industrial is up 8 percent during the first six
months of 2017. The 21,349 close is only slightly behind the high of 21,528 hit
on June 19. Dow is joined by a host of indexes showing their best years since
2013 (the S&P 500 up 8.2%). The tech-heavy NASDAQ Composite was up 14.1
percent, its best year since 2009, the post-great recession recovery. The strong
start has been worldwide. The STOXX Europe 600 was up 5 percent and the Nikkei
up 4.8 percent. The rally picked up markets in Chile (up 12%), Spain (up 12%)
and India (up 16%).
Strong earnings, growing economies and until recently,
accommodating central banks.
But the Dow, S&P and NASDAQ all posted a final down
week. Central banks have begun tightening money supplies led by the Feds and
President Trump’s political troubles continue with health care reform removed
from a Senate vote on the last day in June.
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