Exchange traded funds (ETFs) hitched to the S&P 500 are eyeing their highest level since 2008 after encouraging data from the employment market, although some analysts are worried about the impact of rising oil prices.
“The numbers are looking pretty powerful,” Jim Awad at at Zephyr Management told Reuters.
“You have got strong and perhaps accelerating economic growth, you have good profit growth, you have fair valuations, you have momentum, and you have high merger and acquisitions activity,” Awad said.
The SPDR S&P 500 ETF (NYSEArca: SPY) was up fractionally in Monday’s premarket. Its 52-week high is $134.69.
The Dow hit a recovery high last week as optimism over March’s nonfarm payrolls report lifted stocks and pushed gold ETFs down Friday.
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