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.
“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.”
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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 %)