Dow reaches record high
In this week’s video update:
- Dow Jones Industrial Average shakes off Brexit concerns, surges to all-time high
- Bank of England holds interest rates at 0.5%; hints at possible raise next month
- Japan’s Nikkei 225 leads weekly gains for the Asian markets
On this week’s market update, Chief Investment Strategist Erik Ristuben discusses a positive week in the U.S. markets where the Dow Jones Industrial Average had its first week-long win streak since March 2016 and posted record highs on Thursday, along with the S&P 500®. U.S. retail sales also came in better than expected for the third month in a row.
Ristuben shifts to the Bank of England’s (BoE) inaction this week, holding interest rates at 0.5%, following recent similar holds by the Bank of Japan and the U.S. Federal Reserve. With the initial reaction to Brexit calming down and reasonably good economic news in Europe, Ristuben notes he is not surprised by the BoE’s decision, yet they did hint at a possible raise next month.
To wrap up, Ristuben discusses a good week in Japan, as the Nikkei 225 led the weekly gains for Asian markets, with the following factors all contributing to the gains: a strengthened position for Japanese Prime Minister Shinzo Abe, former Federal Reserve President Ben Bernanke’s visit to discuss helicopter money, and Nintendo’s stock closing up 9.8% due to the hugely popular “Pokemon Go” mobile game. Communications Manager Alexandra Davis hosts.