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Utah advisor says markets have better chance of going higher after Dow breaks 30K

Utah investment advisor, Ryan Craner, says markets have better chance of going higher after Dow breaks 30K (Photo: Ryan Craner)

The Dow Jones industrial average hitting 30,000 for the first time will have broad implications for investors, according to a Utah financial planner. Ryan Craner, President and CEO of Strategic Planning Group.

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He said the record-breaking number on Tuesday overcomes perceived barriers on how high the markets can go.

“These milestones are psychological confidence builders for investors and historically speaking, once markets reach these important milestones, they usually have less resistance to go higher,” said Craner in a prepared statement.

He noted that at the beginning of 2020, the Dow was within a few hundred points of crossing the 30,000 point mark. But the COVID-19 pandemic led to an economic shutdown, causing the markets to crash. The stock market has been on a rollercoaster journey ever since, according to a news release.

“Considering all of the horrible events in 2020, it is remarkable that the markets have been able to recover and even thrive,” added Craner.

The New York Times reports about the VIX, what is called the “fear gauge.” The VIX spiked by more than 50% in late October as the virus started escalating again and the election was approaching, the release said.

Craner recommends investors meeting with their financial advisors discuss the best strategy for their investments in the coming year. The U.S. stock markets will be closed on Thanksgiving and shutdown early on Black Friday. The New York Stock Exchange and Nasdaq will close early on Friday.

The bond markets are also expected to close on the holiday and halt trading early Friday. Foreign, currency markets and U.S. commodity markets will be open on Thanksgiving.