Dow Closes at Record High, Just Short of 17,000-Point Milestone

NBC Business News ^ | 07/01/2014

[SeekAndFind]

The Dow closed at a record high, just short of the 17,000-point milestone, as stocks surged on Tuesday after reports of expansion in U.S. manufacturing and better-than-expected sales for major U.S. automakers.

The Dow Jones Industrial Average ended unofficially 129 points higher at 16,956.07, eclipsing its June 20 record of 16,947.08. The S&P 500 also closed at a record high, climbing 13 points to 1973.32, and the Nasdaq added 50 points, or more than 1.1 percent.

Tuesday's economic reports had the Institute for Supply Management's manufacturing index coming in at 55.3 in June, nearly unchanged from May's 55.4 reading.

[GraceG]

I heard somewhere that 17K was brown shorts time....

[SeekAndFind]

Not just the Dow, but the S&P 500 as well.

See here:

http://www.reuters.com/article/2014/07/01/us-markets-stocks-idUSKBN0F119U20140701

Dow, S&P end at records, starting July with a bang

EXCERPT:

U.S. stocks rallied on Tuesday, with both the Dow and S&P 500 setting record closing highs on the first trading day in July as manufacturing activity picked up in the United States and Asia, increasing optimism about the global economy’s health.

[MrB]

[Iron Munro]

In the O’conomy, every rise in the DOW reflects a corresponding devaluation of the dollar.

[dadfly]

1929 here we come again.

[I want the USA back]

If the number is not adjusted for inflation it’s meaningless.

[nascarnation]

Except in this case we’ll all get rich, right?

[proxy_user]

Thanks, Helicopter Ben!

[ErnBatavia]

My strategy....

[elcid1970]

“In the mornin’, in the evenin’, ain’t we got fun?”

One of the top hits of 1929.

[RJS1950]

I just don’t see anything good coming from this. This is a propped up, overinflated, house of cards.

[RckyRaCoCo]

...as manufacturing activity picked up in the United States and Asia, increasing optimism about the global economy’s health

Wait until it gets cold again.

[SeekAndFind]

RE: Thanks, Helicopter Ben!

e need to give the new Fed chair a monicker as well...

[2ndDivisionVet]

[voicereason]

Interesting, but the castle walls have to topple at some point. And given the premises, and lack of fundamental information this market is built on, it’s shaky ground.

Manufacturing index unexpectedly dips in June
Http://www.usatoday.com/story/money/business/2014/07/01/manufacturing-activity-june/11890517/

From the ISM report (http://www.ism.ws/ismreport/mfgrob.cfm):

“New Orders, Employment and Production Growing
Inventories Growing
Supplier Deliveries Slowing”

If inventories are growing two things are taking place, overproduction which is creating more than the market needs; or overproduction to try and financially game the business because inventory is viewed as an asset.

This is especially troubling if inventories are growing while supplier deliveries are slowing. It takes materials to produce, so without materials, how can one generate inventory.

[MrB]

Well, no, nothing “good”...

But, they’ll keep it inflated as long as they can, drawing everyone’s money into the market as the only place that money is “growing”, and then they’ll pop it when they decide that it can’t inflate any further.

However, it won’t crash when THEY want it to, it will crash on God’s time.

(Sell by 9/13/15)

[Para-Ord.45]

Lack of fundamentals.

DOW/SP are detached from main st. and conjoined to ZIRP/QE and proliferate spending of a central state govt.

VERY bad when a massive central state can manipulate the DOW so easily.

Lack of fundamentals? More like Total Disconnect from Reality and both the Republican and Democrat parties know this. It is a one party state with an un stoppable leviathan state in control.