Wall Street has come off record highs on Wednesday, with the Dow Jones falling more than 200 points as disappointing US jobless claims data highlighted how fragile remains the job market amid a worsening pandemic. Investors move back to the safety trade of big tech as rising coronavirus cases domestically sparked fears that renewed restrictions will hit business activity. At the same time, minutes of last month's FOMC meeting show a consensus that the central bank could provide more accommodation, if appropriate, by increasing the pace of purchases; or by shifting its Treasury purchases to those with a longer maturity. Meanwhile, tech-heavy Nasdaq Composite saw modest gains as investors rotated out of economically sensitive cyclical stocks into technology names.
Historically, the Dow Jones Industrial Average reached an all time high of 30219 in November of 2020. Dow Jones Industrial Average - data, forecasts, historical chart - was last updated on November of 2020.
The Dow Jones Industrial Average is expected to trade at 29459.06 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 27761.35 in 12 months time.