The Dow pushed above 27,000 for the first time ever as gurus seem to feel the likelihood of a Fed rate cut in July is significant. The Feds, on the other hand, are in a holding pattern as some US economic indicators, while still growing, have seen decelerating growth rates but more importantly the Feds appear to be worried more about what is happening in Europe and in Asian economies which are under pressure from a host of problems including trade, Brexit, populism, swine flu etc. etc.
At the closing bell the champagne corks popped, and the Dow stood at a record 27,099 up 227. Trading volume was lower on all exchanges. IBD and BTS have markets in rally mode.
While the Dow stood tall the tech heavy NASDAQ closed the day lower after the French voted to impose a tax on services provided by big US tech firms like Google, Amazon and Faceplant that have significant business interests in the euro zone. Amazon also announced it had ramped up hiring ahead of its annual Prime Day as it expects tons of business.
WTI crude oil went above $60 per barrel on supply concerns and another issue in the Middle East where Iranian boats appear to have tried to block a British oil tanker from going through the Straits of Hormuz. WTI crude closed up a fraction at $60.47 a barrel.