At market close Thursday, the U.S. stock index reached record highs once again. This boom has been led by substantial gains in the retail and energy industries. These more than out did the losses that had come the day before.
The gains in the retail industry came largely because of quarterly results that outpaced expectations from the reports released by Macy’s as well as Kohl’s.
Similarly, the increase in the price of oil overall led to gains in the energy industry also. It has been said that the energy market going into the next year will be much more even than it has been in the past. According to the head of equities at Nuveen Asset Management, David Chalupnik, “It’s been such an oversupplied market for a long period of time, to get that supply-demand closer to being in balance, or to be in balance, is a huge driver.”
Due to the release of industry reports suggesting that this market will be evened out, there has been much more confidence in the market for stocks and commodities. Overall, the Dow Jones, S&P 500, and the Nasdaq all made significant gains to reach their respective record highs overall.