2017 was an interesting year for the stock market as various milestones were hit to be front-page news. These are five newsworthy milestones that the stock market saw in 2017.
The first milestone worth looking at occurred in January when the 30-stock index surpassed 20,000. It was followed quickly by 21K, 22K, 23K, and 24K as the year progressed. It currently sits close to 25,000 as the year comes to a close. The Dow is up by 25 percent after hitting 69 highs in the year. It looks as though 2018 is going to be a year where more records and milestones are broken. 25,000 is right around the corner and it looks as if it’s only going to spur future growth to 26,000 and beyond.
Based solely on stock market value, the electric car creator surpassed General Motors as the number one most valuable United States auto company. After only selling shares for seven years, Tesla made a statement to automobile manufacturers that electric cars can very well be the future. Tesla currently lags behind GM by about $500 million, and analysts say it doesn’t look like Tesla will be able to pull ahead in the New Year. GM’s stock is anticipated to rise by about 15 percent, while Telsa is expecting an 11 percent decrease.
Apple broke another record by being the first U.S. stock to reach $900 billion. Technology is a top industry in 2017 and the success was likely driven by an endorsement from Warren Buffet along with the release of the iPhone X. The next milestone to pass is $1 trillion, which would require shares to climb about 12 percent to $195 each.
You can’t turn on the news without hearing about Bitcoin as it gained more than 1,700 percent. Many have scrambled to find a way to profit from the cryptocurrency explosion. Two exchanges have launched Bitcoin exchanges and many firms are looking to get approval to access the investment opportunity. Only time can tell where the Bitcoin frenzy will go, or if it will explode, in 2018.
Amazon and Google joined the elite club of stocks on the S&P 500 stock index with prices above $1,000. Amazon continues to expand and dominate online retailing, while Google has a firm hold on digital advertising. They need to avoid declines if they expect to remain in the exclusive club.