Dow Hits Record High as Yen Slumps Amid Coordinated Intervention

The Dow notched a record-high close on Monday, boosted by solid manufacturing data and optimism around earnings and US-Iran peace hopes.

Investors are putting recent market wobbles to one side and taking their cue from the earnings picture, which could hardly be more bullish. The LSEG I/B/E/S Q2 annual consensus US earnings growth forecast is now running at an astonishing 47.7%, virtually double what it was only a month ago.

The yen slumped to a three-month low after a historic bout of coordinated US-Japanese intervention, with Japan estimated to have spent almost $100 billion over a 48-hour period last week in FX intervention to support the currency.