The Dow Jones Industrial Average surged to a record of 35,669.69 Wednesday.
 | WED, OCT 20, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 149.26 | +0.50 | +0.34% | | VZ | 53.61 | +1.26 | +2.41% | | INTC | 55.37 | +0.16 | +0.29% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | F | 16.04 | +0.62 | +4.02% | | AAPL | 149.26 | +0.50 | +0.34% | | T | 25.91 | +0.32 | +1.25% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 149.26 | +0.50 | +0.34% | | AMD | 116.39 | +0.06 | +0.05% | | PYPL | 258.36 | -13.34 | -4.91% | |
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The Dow Jones Industrial Average notched a fresh record during Wednesday's trading session, bolstered by strong quarterly results and investors' improving sentiment around the economic recovery. The S&P 500 edged higher to a sixth consecutive day of gains, while the Nasdaq Composite inched down. There could be more juice in this rally.
Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance, believes stocks have further to climb. The Dow record shows "the resilience of dip buyers and the importance of cyclical companies in this stock market rally," he said. Fundstrat's Tom Lee agreed, raising his year-end target on the S&P 500 to 4,800.  Investor sentiment also got a boost from the continued rally in the bitcoin's price, a sign of a strong risk-on environment, according to Lee, who is bullish on the cryptocurrency. Bitcoin leapt over the $66,000 mark Wednesday, surpassing its April all-time high of $64,899. Bitcoin has been climbing for four weeks amid positive signals from regulators and anticipation around the launch of the ProShares bitcoin futures ETF, which began trading Tuesday. Comments from legendary investor Paul Tudor Jones pushed bitcoin even higher Wednesday. He told CNBC's "Squawk Box" the cryptocurrency is his preferred inflation hedge over gold. |
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