Dow Jones Industrial Average Climbs After Alibaba IPO
Last week saw the Dow Jones Industrial Average rise steadily throughout the week. It opened on Monday at 16,947.50 and hit a high of 17,330.50 on Friday afternoon before closing the week at 17,279.74.
US stocks rose on Thursday as investors reacted well to the Federal Reserve’s decision to keep benchmark interest rates low for some time. Then on Friday the stocks rose again as investors reacted to Chinese e-commerce company Alibaba’s initial public offering as well as the Scottish referendum result. However, there was a slight dip towards the end of Friday as investors sold their technology stocks in order to invest in Alibaba.
In the coming week it is expected that the dollar will gain in strength and it is reasonable to expect that the Dow Jones will also continue its upwards trend.