The first day of trading on Wall Street in 2018 picked up right where last year left off, as the Nasdaq crossed the 7,000 point market for the first time in its 40 year history.
But the tech-focused and second largest exchange in the world (by market capitalisation) wasn’t the only New Year winner, as the Dow Jones rose 0.4% to 24,824, putting it less than 20 points away from it’s 2017 all-time high on 28 December, and the broader S&P 500 set a new record high at 2,695.
Here in the UK the FTSE 100 remained within 0.5% of its all-time high.
Despite the steady points ascension across major indexes throughout the course of 2017, the recovery that began almost nine years ago, and the arrival of a new bull market in 2013, investor sentiment has been curtailed by insecurity about where the markets will go from here, leaving $£multi-trillions in cash deposit accounts during an extended period of historically low interest rates, and subsequent poor returns from those bank savings.
The long-running theme of market “altitude sickness” amongst investors remains steadfastly Icarus-like, as the fear of a great fall continues to drive stock market reluctance.
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