US stocks opened at another record high Tuesday!
U.S. stocks opened higher on Tuesday, building on strong gains from their previous session.
The Dow Jones industrial average rose 24 points to set a record high, with 3M contributing the most to the gains. The S&P 500 gained 0.1 percent and also set a record, with telecommunications leading advancers. The Nasdaq composite advanced 0.2 percent and also set a record.
“I think this rally is probably going to extend itself,” said Peter Cardillo, chief market economist at First Standard Financial. “There are a lot of challenging factors out there, but equities seem to brush that aside.”
“If we have a positive week, that could set the tone for what we could see the rest of the year,” Cardillo said.
Stocks posted record highs across the board on Monday, led by strong gains in health care and financials. While some Wall Street experts have expressed concern over equity valuations, billionaire Warren Buffett said they made sense given where interest rate are. Buffett said rates have been a “powerful factor” in equity values.
The Federal Reserve has raised interest rates twice this year, with investors largely expecting a third rate hike in December, according to the CME Group’s FedWatch tool.
This is more great news for the Trump administration. As this continues to rise they can continue to use it to jump-start the economy and jump-start confidence in the Trump administration. Money in the pocket of the American is one of the only ways Trump can begin to bring our divided country back together and so far he is doing a great job at doing that.