Shares of banks and other financial institutions rose, testing all-time highs, as traders shrugged off inflation data and celebrated a momentum-driven stock boom.
Brokerages and investment firms fared well as global stock markets neared all-time highs.
Goldman Sachs Group traded at its highest-ever level. Blackstone rose by almost 3% and the alternative asset manager looked set to move into the green for 2024 and test all-time highs.
The Dow Jones Industrial Average has risen in nine of the last 10 sessions, and is up about 20% for the last 12 months. The Dow, currently trading around 39,558, could face resistance at the psychologically significant 40,000 level, said technical analysts at brokerage Redburn Atlantic.
"Yesterday was also slightly confused by the return of meme stocks, with GameStop roaring 74% higher on the day, and Goldman's Most Shorted index rallying 5.6%," said the Redburn analysts.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-14-24 1752ET
