Major averages rose yesterday on higher volume with the Dow Industrials looking to break out of its sideways consolidation that began mid-December, and therefore break through its 20,000 level... at long last. Futures currently indicate an open above 20,000, as well as new highs in the NASDAQ Composite and S&P 500 Indexes.
But it will be interesting to see if we replay March 2009 when the Dow Industrials broke through 10,000 for a day by more than a small fractional amount then immediately corrected -4.6% before moving definitely above 10,000. Here's our earlier piece on the Dow hitting various milestones with an addendum of how the Dow Industrials traded when it crossed 100 over a century ago: https://www.virtueofselfishinvesting.com/reports/view/history-of-how-the-dow-traded-when-it-crossed-1-000-then-10-000-20-000-next
Regional indices have shrugged off comments from European Central Bank member Sabine Lautenschlaeger, who said the central bank may soon start discussing a reduction in stimulus. In a sense, this is good news as it implies an improving economy within Europe.
Germany's Economic Ministry updated its GDP forecast, but the overall outlook was little changed, calling for 1.4% growth in 2017.
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