The DOW and S&P 500 stock indices are showing continued growth, marked by record-breaking figures as they wrap up a six-week rally.
Stock Indices Rise
The DOW and S&P 500 indices reached new highs on Friday, ending a six-week rally. The Dow Jones Industrial Average edged up by 36.86 points, closing at 43,275.91, while the S&P 500 gained 0.40%, finishing at 5,864.67. The Nasdaq Composite also rose by 0.63%, bolstered by strong earnings from Netflix, closing at 18,489.55. This week, the DOW increased by 0.96%, the S&P 500 by 0.85%, and the Nasdaq by 0.80%.
Impact of Elections
Despite traditional election year jitters, stock markets are showing steady growth. Rob Williams, chief investment strategist at Sage Advisory, notes that investors typically expect a dip before an election. However, this time, it’s different, with growth potentially continuing up to the election and possible volatility after. So far, over 70 companies in the S&P 500 index have reported earnings, with about 75% beating analysts' expectations.
Crypto Surge
Amid stock market gains, cryptocurrencies are also seeing positive dynamics. Bitcoin surged by 10.48% for the week, reaching $69,000. Institutional interest in Bitcoin is rising, with $203.3 million flowing into the BTC ETF this week. The SEC approved Cboe’s BTC ETF options for listing on the NYSE, which might sustain the upward momentum. Bitcoin’s market dominance reached 58%, a level not seen since April 2021.
Stock markets and cryptocurrencies continue to show strong growth despite election year expectations and global market uncertainties.