Volatile October ends with a stock market rally

Last updated on July 2nd, 2019 at 09:07 am

The Dow Jones Industrial Average climbed by 200 points to an all-time high of 17,195 this morning, as U.S. consumer confidence continues to surge and the national unemployment rate continues to fall.

The Nasdaq Composite Index surged 1.4 percent to the highest since March 2000.

The Thompson Reuters/University of Michigan Consumer Confidence Index rose to 86.9 from 84.6 in September. That’s the highest since July 2007, five months before the Great Recession began.  

Richard Curtin, the survey’s chief economist, said that almost six in ten of the respondents said the economy has improved recently, the highest proportion in more than 10 years.

Investors also reacted to the news that the Bank of Japan’s Government Pension Investment Fund said it will provide stimulus by putting half its holdings in local and foreign stocks, double previous levels, and invest in alternative assets.

Nearly all of the local stocks in the BizTimes Stock Index rallied today. The largest local gainers included Rockwell Automation Inc. (up $1.69 to $111.94, Johnson Controls Inc. (up $1.37 to $47.17) and Snap-on Inc. (up $1.31 to $131.81).

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