After coming to within a whisker of the 17,000 level yesterday can the Dow hit the bullseye later today, and achieve another milestone in this 5 year long bull run?
Will today’s ADP employment report be the catalyst for just such an event, or are we starting to get a little stretched at these new record highs.
With Janet Yellen due to speak at the IMF later today and a plethora of US economic data over the next 30 hours we could start to see a little profit taking as we head into the long independence day weekend.
For now there seems little evidence of that and investors expecting any surprises from this afternoons testimony are likely to be disappointed in light of recent comments made after the most recent Fed meeting.
Complacency still seems to be the overarching concern for the more cautious investors; however this doesn’t appear to be the overriding feeling when it comes to today’s opening prices, with a higher open expected.
On the company side new and used car dealership Autonation will be hoping to follow in the footsteps of the big manufacturers in reporting rising car sales for the month of June, after reporting a 15% rise in May sales last month.
The Dow Jones is expected to open 12 points higher at 16,968
The S&P500 is expected to open 1.5 points higher at 1,974.82
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