At the close of business Friday, the Dow Jones Industrial Average (DJIA) finished the day 42 points away from the 18,000 milestone. Investors responded favorably to Friday's jobs report by pushing the Dow to within 9 points of crossing the 18,000. Friday's closing value, 17,958, is 178% above where it was at the bottom of the financial crisis (March of 2009) when the index was at 6,469.
Hiring in the United States continued to accelerate in November and made 2014 the strongest year for job growth since 1999. So far our economy has added over 2.6 million jobs in 2014. Seasonal hiring tends to lift overall gains towards the end of the year, but retail wasn't the only industry that saw hiring increases. The increases were broadly based across a number of different industries, helping to further distance our domestic economy from other struggling economies throughout the world. Although the job market has yet to fully recover the steady increases are a positive sign.
I've never been a betting man, but in my opinion it's a safe bet that the Dow passing the 18,000 mark is on most financial advisor's holiday wish list.
Ethan Wade, Financial Advisor
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).