Two and a half weeks ago the world markets were shaken by a decision from a majority of voters in the United Kingdom to leave the European Union. Now the UK and much of the rest of the world (including the U.S.) at least for the time being, seem to have put their fears about a “U.K leave the E.U.” Brexit vote behind them. The Dow Jones industrial average and the S&P 500 both closed at record highs while the NASDAQ closed above the psychologically significant 2,000 mark.
Stock markets around the world have risen sharply, after a steep sell-off, following the United Kingdom’s decision to leave the E.U.
Robert Pavlik, chief market strategist at Boston Private Wealth told CNBC:
“I think people are getting more comfortable within the growth area of the market, and I definitely see more of a risk-on mentality. People are foregoing the yield plays for the growth parts of the market.”
David Kostin, Chief U.S. Equities Strategist for Goldman Sachs was asked if he still believes the markets are in for a fall anytime soon.
See his response below.
Here are the final numbers from Tuesday, July 12th on Wall Street:
Dow Jones Industrial Average: 18,347.67 (+120.74 / +0.66%)
NASDAQ: 5,022.82 (+34.18 / +0.69%)
S&P 500: 2,152.14 (+14.98/ +0.70%)