DOW CLOSES ABOVE 15,000 FOR THE FIRST TIME EVER: Here's What You Need To Know

It was another quiet day during what’s expected to be a very quiet week. Meanwhile, the stock market continues to go off the charts.

First the scoreboard:

Dow: 15,056, +87.3 pts, +0.5%
S&P 500: 1,625, +8.4 pts, +0.5%
NASDAQ: 3,396, +3.6 pts, +0.1%

And now the top stories:

  • Stocks staged yet another rally and closed at all-time highs.  The Dow closed above 15,000 for the first time ever.
  • “The rally’s resilience would argue that investors are upbeat but the data does not support the premise,” said Citi‘s Tobias Levkovich who argues sentiment is a contrarian indicator for the stock market. “In our minds, this would imply that share prices can move even higher in the near term and an S&P 500 overshoot to 1,650-75 is plausible by the summer followed by some giveback later in the year.”
  • According to new data from the Federal Reserve, consumer credit balances grew by just $7.96 billion in March, which was much lower than the $15.60 billion expected.  There was a big jump in nonrevolving debt (e.g. auto loans, student loans, mortgages). Of that, federal government lending to consumers, almost all of which is for student loans, surged by $3.9 billion.
  • NOW READ: The RBA Just Cut Rates And Lots Of Analysts Have Eggs On Their Faces

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