The Dow Jones Industrial Index closed above 29,000 for the first time ever in mid-January as equities excelled, but then pulled back from record levels at month’s end. The 29,000 mark is a preliminary milestone for the next milestone of 30,000. The S&P 500 Index and the Nasdaq reached higher levels as well in mid-January, with an overall pullback for the indices at the end of the month.
The phase one trade deal between China and the United States helped propel equities higher as the anticipation of less friction between the countries is expected to eventually advance trade activity. A low rate environment along with minimal inflationary pressures continue to be a dynamic driver for expansion and hiring objectives of companies.
Sources: Dow Jones, Bloomberg
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