The Dow Jones Industrial Average (DJIA) futures, as well as the Nasdaq futures and the S&P 500 futures, are moving higher thanks to a number of factors.
On account of the United States celebrating President’s Day, the stock market trading remains closed. However, the after-hour trading sessions are still live as major indices surge to continue the market rally further.
Today, following the Nasdaq futures and the S&P 500 futures, the Dow Jones futures also showed a modest rise. Currently, all three indices are trading at their record-high valuations as market optimism seems to be at its peak.
However, an interesting trend observed is that with markets making record highs, the retirement accounts are booming as well. A new report by Fidelity shows that the number of retirement accounts with over $1 million has hit a new record last quarter. As per Fidelity, it is currently managing over 441,000 retirement accounts with over $1 million. this is 1.6% of the total retirement accounts managed by the financial giant.
The Fidelity report notes:
“The average 401(k) balance rose to $112,300, a new record high and a 7% increase from last quarter’s balance of $105,200”.
Well, although a new record of millionaire retirees have emerged, the overall fu=igures are not much encouraging. It still shows that only a fewer number of retirees have emerged as “super savers”. The median savings at the retirement age stands at only $69,900. The report also states:
“As the median amounts in this study show, millions of Americans over the age of 55 have too little saved for a comfortable retirement, and not enough time to save significantly more”.
Another report from the Bank of America Global Research shows that investors are pouring more money into bond funds. There’s enough possibility that the bond fund inflows this year can hit a record-high of $1 trillion.
Market Movement on Monday
Apart from the market indices, individual shares like T-Mobile, Expedia, and Mondelez have put forward a good show. Expedia share had the best intraday surge after 2015 on account of stronger-than-forecast earnings.
Other popular stocks making record highs across different indices include Nvidia, Visa, PayPal, MasterCard, CocaCola, etc. Tesla (TSLA) which has been on a massive bull run in 2020 is turning range-bound for time being. The TSLA share price is oscillating in the price range of $785-$813.
On the other hand, the Asian and European markets are also showing signs of recovery and coming out of the scare of coronavirus spread.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
