CHICOPEE, Mass. (WWLP) – The stock market is in solid rally mode, with the Dow Industrials breaking through, and closing above 18,000 for the first time ever Tuesday. The Dow Jones Industrial Average gained 64.73 Tuesday to close at 18,024.17; a new record high close.
The Commerce Department said the U.S. economy grew at its fastest pace in 11 years in the third quarter, revising its GDP estimate to 5%, up from 3.9%. Mark Teed of Raymond James Financial in Springfield told 22News, between higher job creation, improving earnings and consumer spending, it’s a perfect storm of good economic news.
“As we go into next year with oil prices staying low, for consumers it’s going to be a bonanza,” Teed gushed. “They’re gonna have money in their pockets. It’s gonna feel like a tax cut. Hopefully it’ll increase consumer confidence, and let people go out and buy some new things, which will raise the stock market again.”
Teed remains optimistic about prospects for continuing the bull market into 2015, as long as Federal Reserve Chairwoman Janet Yellin doesn’t decide to raise interest rates too quickly, or any time soon.