Stocks See Early Rise, NASDAQ Tops 4000
NEW YORK – The NASDAQ Composite topped 4000 for the first time in 13 years as each of the three indexes reach milestones during the past few trading days.
The NASDAQ Composite hasn’t seen 4000 since September 2000.
“Psychologically that was pretty good for the markets,” says News 8 stock analyst Phil Kassewitz.
On Friday, the Dow Jones Industrial Average climbed further into record territory by closing at 16,072 and the “S and P 500″ closed at an all-time high of 1804.
The Dow Industrials have gained 25 percent since January 1.
“This is a bull market like we haven’t seen for awhile,” says Kassewitz. “It’s over 500 days old.”
That could have some investors wishing they would have invested before the bull market.
“We’re kind of at that stage now that we’ve got that next group of people who go ‘I might have missed out and I might want to start getting in’,” Kassewitz said during a live interview Monday morning on “Good Morning Quad Cities”.
But the risks are still there.
Stocks pulled back somewhat this morning after investors saw a disappointing report on the housing market. Pending home sales dropped 0.6% in October from the prior month. That was the fifth straight decline. Economists expected a 1.3% increase.
The housing recovery has been a big boon for the stock market this year, so signs of weakness are worrisome.
Earlier, investors seemed encouraged by a landmark deal reached between Iran and the United States, the United Kingdom, France, Russia, China and Germany over the weekend.