The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
In a statement Monday, Barr named Kathleen Hawk Sawyer the new director of the Federal Bureau of Prisons.Politicsread more
Lobbying disclosure reports show that Maria Ressa, who founded news website Rappler Inc. in the Philippines, has tapped two partners out of Covington & Burling to help her...Politicsread more
The New York City police officer who used a chokehold on Eric Garner in an encounter that ended with Garner's death has been fired, New York City Police Commissioner James...Politicsread more
The president said the Fed has been hampered by a "horrendous lack of vision" and said it should institute 100 basis points worth of reductions to its benchmark rate.Marketsread more
The Dow Jones industrial average just did something it has never done in its 121-year history.
The 30-stock average is now up more than 5,000 points in a year, marking its biggest annual-points gain ever. This following a 140-point rally Monday which sent it to an all-time high.
The Dow also notched a record close for the 70th time this year, which is another milestone. To put that into perspective, it means that about one of every four trading sessions this year has been a record close for the index.
The Dow, along with the and the Nasdaq composite, has had a banner year, rising 25.5 percent. The S&P 500 and Nasdaq are up 20.2 percent and 29.9 percent, respectively.
To be sure, most of the big point moves are in recent years for an obvious reason: The Dow is much bigger than it was decades ago. So investors should keep this point move in perspective.
Jonathan Krinsky, chief market technician at MKM Partners, noted the spread between the Dow's price and its 200-day moving average — a key technical indicator — was about 13 percent. "It's getting a bit extended, but I think it has more room to run."
He said some of the indicators on the S&P 500 — which typically matches the Dow's performance on a yearly basis — are reaching extreme "overbought" territory.
"One indicator that has been talked about lately is weekly RSI, which has now exceeded 80 for the first time since 1995," he said in a note. "While basic intuition might suggest this to be a bearish development, the stats tell a different story. Since 1928, this has happened on twelve other occurrences, and the SPX was higher every instance at some point either three, six, or twelve months later."
Wall Street is generally bullish on stocks heading into next year, but do not expect a repeat of this year. Strategists, on average, expect a 5 percent increase on the S&P 500.