Super Bowl, Strong Auto, More Jobs Propel DOW Into Big Gains
DETROIT (WWJ) Feeling optimistic today, football fans? If so, you have good reason.
A financial analyst said the big game is giving us more than just a mood boost, it's also lining pockets.
The DOW Jones Industrial Index started Monday above 14,000 -- which marks the first time it's passed that threshold since before the 2008 financial crisis. Strong auto sales and optimism about U.S. jobs propelled the bluechip index to a nearly 150 point gain.
And David Sowerby, vice president of investment management firm Loomis Sayles, said more good news could be on the horizon today -- courtesy of the Super Bowl.
"When an NFC team wins the stock market goes up that year, but to add a twist to it, when an old NFL team wins from pre-merger days, which would include the Cleveland Browns, which is now the Baltimore Ravens, the stock market will go up too, that's, I think quite positive," Sowerby said. "And as we start this week, the S&P 500 is up better than 6 percent this year."
In more good news, Sowerby says smaller company stocks are up 7 percent this year, with about 70 percent beating their estimates.
