Market Watch: Stocks Surge with Dow Up for the Year

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Oil prices surged and so did the stock market as the Dow Jones Industrial average rose into positive territory for the first time in 2016.   FedEx, Goldman Sachs and Boeing were among the big winners, while oil closed above $40 a barrel for the first time since December 3, 2016.

Jack Ablin, chief investment officer at BMO Private Bank told CNBC:

“I think it’s (the market’s gains) probably the recognition the Fed is responding to the weaker environment and they’re not going to tighten as quickly.” Still, he remained cautious on the recent rally given historically high valuations in the S&P 500. The recovery year-to-date “is just a reminder of how expensive the market is,” he said. “When the market falls during earnings season it just shows fundamentals just can’t support prices.”

 Today’s movement on the market may be evidence that investors do not believe the “Fed will raise interest rates again for the rest of 2016.

See more below.

Here are the final numbers from Thursday, 3/17/16 on Wall Street

Dow Jones Industrial Average: 17,481.49 (+155.73/ +0.90 %)

NASDAQ: 4,774.98  (+11.02/ +0.23 %)

S&P 500: 2,040.59  (+13.37/ +0.66 %)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella

@phillipcannella

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