Eagle Daily Investor

Daily Data Flow: Dow Hits All-Time High; Gas Prices Slowly Dropping; Gold Rises

Dow Hits All-Time High (Bloomberg)
Today, the Dow Jones Industrial Average hit 14,286.37 points, marking a new all-time high. It closed near that point. “People are now starting to realize that it is a bull market,” Laszlo Birinyi, president of Birinyi Associates Inc. in Westport, Connecticut, said. “It’s not going to come back, you’ve missed the train, and the train still has a long way to go. But you better get on it.”

Gas Prices Slowly Dropping (CNBC)
The national average gas price is falling slowly, but that descent is accelerating. In addition, gas prices are lower than they were at the same time last year. “If U.S. gasoline prices move to say a 20 cent per-gal deficit to last year, there should be about $71.4 million more daily spending power for consumers after they take care of their fuel needs,” said OPIS analyst Tom Kloza.

Gold up Today (MarketWatch)
A weaker dollar due to the soaring market caused gold to make a slight gain today. “It appears that the daily trading of gold is almost exclusively risk on/risk off,” said David Beahm, vice president at precious-metals investment firm Blanchard & Co. “Today with the Dow hitting all-time highs, it is risk on,” he continued. But “the problem the gold market is currently having is that the short-term investors looking for any type of profit are pushing the market around.”

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