MarketWatch.com/sales: Australian shares will reach a record high of $3.10 on Thursday after a big run in July.
The Dow Jones Industrial Average is expected to finish at 24,867.00, up 0.2 per cent.
While this is a record for the index, it is far from a fluke.
There have been more than 3,600 stock market bubbles since the start of the year, with the Dow topping the charts in January, March and October.
Since August, stocks have risen over 200 per cent in price, with a record 3,300 of the largest Australian companies posting double-digit gains.
Investors have also been quick to celebrate the return of dividend payments, which have averaged $1.60 per share.
But with the Australian dollar down by more than 25 per cent against the US dollar since August, many are looking to see if the rally is sustainable.
“There’s still plenty of opportunity for investors to cash in and be confident about the outlook for the economy and the economy in Australia,” said David O’Neil, managing director of investment strategy firm CMC Markets.
Despite the record-high market prices, the Australian economy is still in recession and unemployment remains at an all-time high.
On Thursday, the Bureau of Statistics reported that unemployment had risen to 11.1 per cent, and the number of Australians living in poverty rose to 6.4 million.
However, the government is expecting more economic growth in the coming months, with growth expected to be the highest since the 2008 financial crisis.
According to the Bureau, the unemployment rate was at 8.6 per cent at the end of the financial year, and there was a 5.4 per cent increase in the number in the ranks of the working age population.
Topics:stocks,markets,industry-and-finance,finance-and/or-investment,market-and.coommeda-4215,australia
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