Investors

Dow closes, hits 28K for the first time ever

Traders work on the floor of the New York Stock Exchange (NYSE) on Nov. 15.
Traders on the floor of the New York Stock Exchange (NYSE) on Nov. 15. Photo: Spencer Platt / Staff

The Dow Jones Industrial Average hit and closed above 28,000 for the first time ever on Friday, while the S&P 500 and Nasdaq Composite also closed at new records.

Why it matters: The 28,000 level has no relevance in and of itself, but the markets' new highs in recent weeks is a sign of investors' renewed confidence in the state of the U.S. economy.

Hedge funds could lose more cash after another weak month

Reproduced from eVestment: Table: Axios Visuals

Hedge funds again lagged the returns of U.S. stocks as well as a combined fund of 50% global stocks and 50% global bonds in the third quarter and in October, according to data from eVestment.

Why it matters: Hedge funds aim to deliver consistent returns for investors that outperform during times of market stress, but despite increased uncertainty and geopolitical tensions in Q3, the industry saw negative returns on an overall basis.