“I firmly believe we will see Dow 30,000 in 2021 with Dow 40,000 coming by 2023. Once we get over this massive hurdle, there will be too many things working in favor to derail that train when it gets going,' said one strategist.
Federal Reserve Chairman Jerome Powell sent U.S. stocks higher early on Monday after saying that the central bank was “not out of ammunition by a long shot” to fight the recession, in an interview on CBS news magazine show “60 Minutes.” Biotech firm Moderna MRNA, +25.83% announced what appear to be very positive results in early human trials of its potential coronavirus vaccine, which also boosted stocks.
In our call of the day, Paul Schatz, the president of Heritage Capital, said the Dow DJIA, +3.12% could hit 30,000 points by 2021 and 40,000 by 2023 as the U.S. economy recovers over the longer term. While the other side of the coronavirus crisis will look different from life pre-virus, Schatz said the American “spending spirit” was unlikely to change. He also noted that the historic first quarter decline began with the “foundation of the market being fairly solid,” unlike in 2018, 2011, 2008 and 2000.
He saw a recovery in the third or fourth quarter with “back to back strong quarter of GDP growth” regaining between 50% and 80% of what was lost, while the rest would take longer as small businesses are unable to reopen and employees lose their jobs.After closing 61 points higher on Friday, the Dow Jones Industrial Average opened with a 700-point surge higher on Monday after Fed Chairman Jerome Powell’s upbeat comments on Sunday. The S&P 500 SPX, +2.81% climbed 2.5% and the Nasdaq COMP, +2.
U.S. oil prices jumped 7% as output cuts and hopes of an upturn in demand led to signs of a modest recovery for the commodity.
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