Dow soars to record high despite dire predictions - WALB.com, Albany News, Weather, Sports

Dow soars to record high despite dire predictions

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ALBANY, GA (WALB) -

Despite all the dire predictions of how the sequester could hurt the economy, stocks soared to an all time high, Tuesday.

The Dow Jones Industrial gained more than 100 points.

It closed above 14,253 which beat the previous record set in 2007

Experts credit a housing market surge and an optimistic hiring outlook.

An Albany financial advisor says the stock market could go higher despite the federal spending cuts.

"Nobody has a crystal ball, but more than likely this is a rally that we expect to continue at least in the short run. It is always possible that we can see this thing come back down, but I doubt we're in for a major pullback," said Wells Fargo Financial Advisor Victor Sullivan, IV.

Sullivan also says strong earnings from some major corporations contributed to the recent upswing in the stock market.

 

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