CHICOPEE, Mass. (WWLP) – Wall Street ended the trading week with two major indexes closing at record highs Friday.
Springfield financial adviser Mark Teed told 22News investors reacted very positively to news that the Greek bailout is back on track. Both the Dow Jones Industrial Average and the S&P 500 closed at all time highs Friday. The Dow gained 154.67 in Friday’s trading to close at 18,140.44.
Teed said he thinks the Bull Market is back on track, and he’s anticipating a very good year in 2015. He also said that he’s expecting a strong year, in part, because of the historical significance of strength of the dollar last year.
“The U.S. Dollar gained ten percent last year,” said Teed. “And every time it’s done that in the past, all seven times in the last 50 years of keeping records, the market’s gone up 14% the following year. So that’s a good sign that the economy is picking up, and we could have a pretty good year.”
Teed is also encouraged that cheaper gas prices have boosted consumer confidence, which he thinks could result in higher housing prices in the near future.