Home > Market Recap: Dow Jones Closes above 35,000 for the First Time Ever

Market Recap: Dow Jones Closes above 35,000 for the First Time Ever

US equities finished the last trading week on a high note. The Dow Jones index closed above 35,000 for the first time ever on strong Q2 2021 earnings and investors' optimism.

Blowout earnings helped all major US indices to close at their highs. The Dow Jones index climbed above 35,000 at the end of the trading week, reaching a record high.

The Q2 2021 earnings supported this performance. About 87% of the S&P 500 companies that have reported earnings so far this season have beaten analysts' expectations. As such, the bullish bias for the US stocks continues, especially considering that we have not seen a meaningful correction.

However, the frenzy in the US equity markets did not spill over in Europe. Futures indicate that the US stocks gave up their Friday’s gains, thus affecting the opening of European markets. Impacted by the weakness pointed by the US futures, the Spanish index opened about -1% lower, the German index is down about -0.5%, and so is the CAC 40 in France.

The currency market was quite slow last week, despite the ECB meeting. The euro started the trading week on a strong note, as seen by the EUR/USD pair testing the 1.18 level or the EUR/AUD back above 1.60.

On the commodities front, copper leads up by 1.59% at the start of the trading week, while gold remains relatively stable above $1,800, consolidating above the pivotal level.

Daily Analysis

The day ahead is likely to bring ranges. As usual, Mondays are slow trading days, especially if we consider the summer trading conditions and the Federal Open Market Committee (FOMC) statement only two days away.

Markets to Watch

Dow Jones, EUR/USD, and EUR/AUD are the main markets in focus today.

Dow Jones

Despite the strong close last Friday, the Dow Jones index has difficulties surpassing the key resistance area of around 35,000 points. In fact, futures point out to the Dow erasing all of its Friday’s gains.

The stock market will likely wait for guidance from the Fed. The FOMC statement and the following press conference will be the key drivers for financial markets this week. As such, the Dow Jones will probably consolidate until Wednesday’s event.


The 1.1750 support is held, so the EUR/USD pair is backtesting the pivotal 1.18 area. A close above this point means that the falling wedge pattern ended and the bias turns bullish ahead of the Fed statement later in the trading week.


The EUR/AUD cross bounced from strong support and now threatens with a move back at the highs. This pair is a benchmark for risk, and it has an inverse correlation with the US stock market. As such, the decline in the Dow Jones, as pointed by the US futures, fueled a move higher in the EUR/AUD cross. For the cross to make a new high above 1.61, the Dow Jones index should trade with a weak tone.

Winners and Losers

Euro is strong at the start of the trading week. The European stock market indices opened lower. 

Trade/invest in stocks with just $50
Invest for dividends and get payout on stocks on Ex-Dividend day
Over 11 payment methods, including PayPal
Open my Account

We use cookies to personalise content & ads, provide social media features and offer you a better experience. By continuing to browse the site or clicking "OK, Thanks" you are consenting to the use of cookies on this website.