What you need to know about the stock market and the Dow Jones Industrial Average
Dow Jones & Nasdaq stock market, which was down almost 1% after the company reported a disappointing quarterly profit and warned of a “significant” price correction in a recent report, will move up to its record high of 23,400 in the next 24 hours, according to Dow Jones analysts.
The Dow Jones will trade at 23,406, which is up from a record high in late December.
That will be the highest level of the Dow since Jan. 2, 2017.
Wall Street has been trading above its record highs for more than three years.
The Nasdaq, on the other hand, will go up about 20%.
Dow Jones said that the next move in the Dow will be driven by the S&P 500 and the Nasdaq.
“The S&p 500 will likely trade near a record and it will likely be below its long-term average and near its all-time high,” Dow Jones analyst Michael Hochman wrote.
The S&P 500 is up about 3% over the past week and is up almost 6% for the year.
The NASDAQ is up just under 2% over that same period.
“These two indexes will likely move higher and up in the coming hours,” Hochmans added.
The two indexes are both overbought.
The broader markets are also being buoyed by strong economic growth and an improving U.S. dollar.
Dow Jones is down more than 2% so far this year.
Nasdaq is down about 5% and is trading near its record low.
The dollar has been strengthening in recent months, but is now off about 1% against the greenback.
The benchmark U.K. pound has gained more than 1% this week against the euro and is now up 1% since the start of the year, according the Standard & ; Poors index.
The Federal Reserve will likely raise interest rates for the first time in more than a decade this month.
The central bank has already said it may raise rates in September.
The Fed is also preparing to raise rates next week for the fourth time in six months.
The U.B.C. stock market is expected to be among the top 10 markets for the next several weeks as investors adjust to the Fed’s stimulus efforts.
Dow is also expecting its revenue to drop next week as more households cut back on spending.
Wall St. has been on a tear lately, but investors are still waiting to see how the economic recovery plays out.