Dow Jones surpassed 28,000 points for the first time

All three major indices of the US stock market continue to set a new record yesterday (November 15).

Closing the weekend, the DJIA index increased by 0.8% to over 28,004 points for the first time in history. This is also the 4th increasing week of this index. The S&P 500 also rose to the 8th week, closing yesterday at 0.8%. Meanwhile, Nasdaq increased 0.7%, extending the momentum to week 7.

The market was excited by hopes of a trade deal between the US and China, as well as retail data exceeding the forecast announced yesterday. US stocks have repeatedly peaked in the past few weeks.

“With the Dow surpassing 28,000 points for the first time, we are more confident that the momentum will continue. Whenever the major indexes break the important threshold, the psychological effect will help push the market higher. S&P 500 also set a new record, making the trend clearer, despite the current political and economic risks, “Brad McMillan – Investment Director at Commonwealth Financial Network commented on CNN.

White House economic adviser Larry Kudlow yesterday expressed optimism in the US-China trade deal. The two countries announced that they had approached the first phase agreement from mid-October, but had yet to sign. Over the past time, investors have received mixed signals about the possibility of reaching this agreement.

Meanwhile, October retail data of the US published yesterday showed a recovery compared to September. This means that US consumers are still willing to continue spending. Consumption contributes about two-thirds of the country’s GDP growth.