The Dow Jones Industrial average and S&P 500 are currently riding session highs, having set new records in each of the past three trading days. However, Larry Fink, chairman and CEO of BlackRock, the world’s largest asset manager told CNBC’s Squawk Box that there is NOT enough evidence to justify these record levels. Fink said:
“I don’t think we have enough evidence to justify these levels in the equity market at this moment and that the recent rally has been supported by institutional investors covering shorts, or bets that stocks will fall, and not individual investors feeling bullish.”
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The Dow has now recorded its first 5 day winning streak since March as the Bank of England hinted at looser monetary policy next month and as earnings season kicked into full gear.
Here are the final numbers from Thursday, July 14th on Wall Street:
Dow Jones Industrial Average: 18,506.41 (+134.29 / +0.73%)
NASDAQ: 5,034.06 (+28.33 / +0.57%)
S&P 500: 2,163.75 (+11.32/ +0.53%)