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Real estate investment trusts

Stock Market Records Continue to Climb Amid Economic Gains

Strategic Insights

— 1 min read

The stock market continued its upward momentum, setting new records in several key measures. The Dow Jones industrial average jumped 43.10 points to 9,184.94, marking a new high. The technology-heavy Nasdaq composite index also reached a new record, rising 16.73 to 1,903.87, its first close above 1,900. The Russell 2000 index of smaller companies rose to 491.41, and the American Stock Exchange composite index to 749.79, building on Monday's records for both measures. Meanwhile, Equity Inns Inc. announced its plans to acquire RFS Hotel Investors Inc. for $1.0 billion, expanding its portfolio to 156 hotels across the nation.

Key Takeaways:

  • The Dow Jones industrial average rose 43.10 points to 9,184.94, setting a new record high.
  • The Nasdaq composite index climbed 16.73 to 1,903.87, its first close above 1,900 and a new record.
  • The Russell 2000 index of smaller companies rose to 491.41, while the American Stock Exchange composite index reached 749.79, both building on Monday's records.
  • Equity Inns Inc. agreed to acquire RFS Hotel Investors Inc. for $1.0 billion, expanding its portfolio to 156 hotels across the nation.
  • Equity Inns, a Memphis-based company, will acquire brands such as Hampton Inn, Residence Inn, Sheraton, and Amerisuites as part of the deal.
  • Japan's economy has suffered, plunging to 18th place on the list of the world's most competitive nations, according to the World Competitive Yearbook survey.

Statistics:

  • The Dow Jones industrial average rose 43.10 points to 9,184.94, a percent increase not specified.
  • The Nasdaq composite index climbed 16.73 to 1,903.87, a 0.9% increase.
  • The Russell 2000 index of smaller companies rose to 491.41, a percent increase not specified.
  • The American Stock Exchange composite index reached 749.79, a percent increase not specified.
  • Japan fell nine places to 18th on the list of the world's most competitive nations, a significant decline.
  • The World Competitive Yearbook survey measures competitiveness in areas such as economic strength, openness to international trade, science and technology, education, and training.

Sources:

  • Associated Press
  • World Competitive Yearbook survey
  • Dow Jones industrial average data
  • Nasdaq composite index data
  • Russell 2000 index data
  • American Stock Exchange composite index data
  • Equity Inns Inc. press release
  • RFS Hotel Investors Inc. data

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