Dow on Longest Rally Since 1996 (Bloomberg)
The still-rising Dow is now on its longest rally since 1996. Today, stocks were boosted by a strong increase in February’s retail sales. “All the economic data is incrementally positive,” Dan Veru, chief investment officer at Palisade Capital Management LLC, said. “Even if we do have a pause in the market or a correction, how deep can that correction be? Because I think there’s a lot of people, a lot of investors, waiting to get into the market.”
U.S. Consumers at Strong Levels (CNBC)
Said February sales growth shows that U.S. consumers are powering ahead and perhaps at the strongest they’ve been since the financial crisis. “It really is important to understand the interactive role that jobs and wealth create together. The jobs picture has improved, and while it is not perfect, it’s important,” Mesirow Financial economist Diane Swonk said. “That is one of the pivotal points, and it’s been a real game changer. The biggest pain we face is self-inflicted, and that is a major shift from where we’ve been in the recovery,” she said.
Dollar Also Rises in Good Day for United States (Reuters)
The good sales growth and the strong stock performance in the United States contributed to the rise of the dollar. The American currency sits at a seven-month high today. The euro, still reeling from Italy’s recent election, fell to its lowest point since Dec. 10.