Dow Back Within Striking Distance of 18k

Stocks ended the day up on lower than average volume today. The Dow gained 165.22 points and closed out the trading day at 17,828.76. The NASDAQ was up as well, gaining 73.40 points and closing out the day at 5,127.15. The S&P 500 also posted a gain on the day, and the index was up 24.69 points to close out the trading day at 2,104.05.

Chipotle (CMG) Closes 43 Restaurants Amid E. Coli Outbreak

In a bit of bad press for the restaurant chain, an e. coli outbreak has been traced to Chipotle (CMG) stores.
The outbreak has sickened dozens of people and killed two so far. In trading today, Chipotle stock took a hit, falling 16.23 points to close out the day at $624 per share.

This is just the latest in a round of setbacks for the chain, which has struggled in the previous quarter to post a profit. In fact, fast-casual dining in general has been beleaguered by falling consumer spending. Shares of Chipotle have been down all month long, with a lackluster earnings report capping off the unfortunate quarter.

Dow Within Striking Distance of 18k

For the first time since the spring, the Dow Jones Industrial Index is within striking distance of 18k. The market collapsed over the summer, with stocks slowing down over the long, hot season. The Dow ended the spring above 18,000 points but it hasn’t been able to reach those levels all summer long.

This could be big news for the index, which has been up and down lately. Reaching the 18k support point would put the index on track to break record highs this winter. The move could be a big psychological win for the embattled marketplace, which has struggled all summer long with roller coaster highs and lows -- but mostly lows.

This is coming on the back of a strong October showing, which has propped up share prices for the exchange in a big way. The Dow gained over 9% last month, and the momentum still seems to be on its side. Regardless of what happens the rest of the week, as of Monday at the close the Dow is less than 200 points from breaking through the 18k support point that kept it aloft all spring long.

Going into the holiday season, there is room for big gains in the market. Although a strong dollar is hurting exports and American consumer spending is slowing down, a good strong holiday rebound could turn the tables for the exchange.
Published on Nov 2, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2016. Content published with author's permission.

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