Hooray! Dow Hits 14,000, The Highest Since October 2007
The Dow Jones Industrial Average reached 14,000, great news for the market since the Dow hasn’t been this high since October 2007. According to The Huffington Post, the key drivers for the increase were the reports on U.S. jobs and auto sales.
Although the jobs report showed unemployment reached 7.9 percent, an increase from 7.8 percent in prior months, investors chose to focus on the positive: employers added 157,000 jobs in January and hiring was stronger over the past two years than previously thought.
However, with all these jobs being added, things don’t appear to be as upbeat for African Americans just yet. The National Journal reported that the unemployment rate for African Americans remains the highest at over 13.8 percent, although that is a .2 percent drop from last month. The unemployment rate for Hispanics is currently 9.7 percent, while Asians and whites have unemployment rates of 6.5 and seven percent respectively.
Generally the Dow can be a signal of investor confidence and even with an increasing unemployment rate the 14,000 high that the Dow reached today arguably proves that investor confidence is back.