The bulls added another notch to their “new high” belt as they were able to push the Dow to a fresh 5-year peak on Wednesday. The S&P 500 is the last of the major indexes that hasn’t hit multi-year highs. Positive economic news and more Fed speak helped fuel the rally that has now recovered Monday’s steep losses.
The Dow zoomed 175 points, or 1.3%, to settle at 14,075. The blue-chips traded to a high of 14,104 and are just over a 100 points away from all-time highs. We have been saying the Dow could trade to 14,200 and a close above this level would be good for a push to 14,500. The bears will try to reclaim the 14,000 level in today’s session and will need a 0.5% effort to stop the bleeding. (continued…)
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