According to CNBC, the U.S. markets were pleased on Tuesday, Aug. 9, 2016, as the plummeting oil prices brought some relief. The NASDAQ registered a freshly minted record closing of 5,225.48, up from 5,221 points. This was after falling slightly from the mid-morning intraday trading high of 5,231 points. Both S&P 500 and Dow Jones also followed with slight gains of 2,181.7 and 18,533.05 points, which was up from 2,179 and 18,510 points, respectively. Like NASDAQ, S&P 500 touched the mid-morning intraday trading high of 2,185 before easing off slightly.
Experts belonging to the financial services sector, however, elicited mixed reactions in response to the latest market developments. While Randy Warren, Chief Investment Officer (CIO) at Warren Financial, expressed hopes for an optimistic third and fourth quarter, citing the current market sentiment as “more risk on than risk off.” Jeff Kravetz, Regional Investment Strategist at the Private Client Reserve at the U.S. Bank, mapped the current market sentiment as indicative of both a positive and a negative sign. He cited the lack of investment options currently available to investors worldwide, in terms of providing them commensurate yields and returns on their money. According to Kravetz, this is something the investment community is frantically hunting for. However, on a positive note, he also labeled the U.S. markets as an attractive option for investors, given the current scenario.
Written by Bashar Saajid
Edited by Jeanette Smith
CNBC: Nasdaq posts new record close; S&P, Dow end slightly higher
Image Courtesy of Amber Cases’ Flickr Page – Creative Commons License