US stock benchmark, the Dow Jones Industrial Average closed above 18,000 for the first time since July 2015 marking the completion of its recovery from the global stock market rout that battered the index in the first weeks of 2016.

The climb in US stocks of late is widely attributed to the return of risk appetite following dovish comments from policymakers at the Federal Reserve, most notably those of Chair Janet Yellen who suggested that headwinds facing the wider global economy meant the central bank would have to take a more cautious approach before raising interest rates further.

“The mainstream press is reporting the buoyancy in stocks is down to the belief that we’ve seen the low in oil prices but, in the real world, the price oil has little bearing on overall stock values except, of course, oil companies or those linked to it somehow,” said a chief market strategist at Shinsei Corporate Management. “This is all down to the belief that there aren’t going to be any more interest rate hikes, certainly not in the immediate future.”

Sectors leading the Dow’s ascent were in consumer discretionary and healthcare. The disappointment of the so-called “Doha Debacle” - at which oil ministers from 16 nations failed to strike a deal to freeze crude oil output – was offset by better-than-expected earnings from companies like Hasbro and an earnings beat at UD investment bank, Goldman Sachs.

“Shinsei Corporate Management is advising caution from here on out,” warned the market strategist. “There isn’t much justification for these prices and we’d go as far as to suggest that investors could do worse than to take a little risk off the table because we expect US stocks to struggle for meaningful gains above these levels.”

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