Wall Street tops 16,000 for first time

Janet Yellen

Stocks on Wall Street topped 16,000 on the Dow Jones industrials index for the first time but closed lower.

The broader S&P 500 index went above 1800, as strength in overseas sharemarkets lead investors to push US stocks to fresh record highs, but closed down for the day.

The Dow Jones Industrial Average surged as high as 16,030 in early trading and stayed near that level for most of the day. Late in the session, however, investors had a rethink and the market  lost more than 50 points to close at 15,976.02.

This was up 14.32 points, or 0.09%, up on Friday close, when the blue-chip index climbed 85 points, or 0.5%, to post the fifth record high close in six sessions and 38th record of the year.

It took the Dow 136 trading days to notch its latest 1000-point gain. That's the sixth-fastest rally of this magnitude in history.

Other indices are at or near all-time highs. The S&P 500 index was up 0.2% to 1802 in early trading but closed 6.65 points, or 0.37%, at 1791.53.

The Nasdaq Composite Index was also up 0.2% to 3993, within striking distance of 4000, in early trading but closed 36.90 points down, a fall of 0.93%.

This year’s rally has been driven by a combination of slow-but-steady economic improvement in the US and elsewhere and the US Federal Reserve's continued easy-money policies.

The Fed is buying $US85 billion worth of bonds each month and doesn’t look like “tapering” off any time soon

The Fed surprised investors when it decided against scaling back bond purchases in September. And last week, chairman-designate Janet Yellen defended the stimulus in remarks to Congress.

But the strength of the market has also led some to think the rally can continue even if the stimulus is withdrawn.

1 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

1 Comment & Question

Commenter icon key: Subscriber Verified

All built of printed money, at $85 billion a month.

How is it I cant print money, when other private business can?

What a fraud!!

  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot


Sym Price Change
USD 0.7150 0.0026 0.36%
AUD 0.9364 -0.0021 -0.22%
EUR 0.6569 0.0016 0.24%
GBP 0.5846 0.0014 0.24%
HKD 5.5439 0.0178 0.32%
JPY 74.7500 0.3560 0.48%


Commodity Price Change Time
Gold Index 1262.4 -3.560 2016-10-24T00:
Oil Brent 52.4 0.660 2016-10-24T00:
Oil Nymex 50.5 -0.330 2016-10-24T00:
Silver Index 17.6 0.077 2016-10-24T00:


Symbol Open High Last %
NZX 50 6958.4 7006.2 6958.4 0.64%
NASDAQ 5290.3 5311.5 5257.4 1.00%
DAX 10786.2 10827.7 10761.2 0.32%
DJI 18197.1 18275.0 18145.7 0.43%
FTSE 6986.4 7029.1 6986.4 0.44%
HKSE 23581.7 23631.3 23604.1 -0.17%
NI225 17298.6 17381.8 17234.4 0.76%
ASX 5408.5 5455.7 5408.5 0.63%