DJIA Rises to Record Highs, S&P 500 & NAS Comp Lag

DJIA Rises to Record Highs, S&P 500 & NAS Comp Lag

DJIA Rises to Record Highs, S&P 500 & NAS Comp Lag

$DIA, $SPY, $QQQ, $VXX

Thursday, the DJIA climbed to record highs, while losses in Facebook (NASDAQ:FB) kept the S&P 500 and the NAS Comp flat.

US investors are now seeing the tax cut plan unveiled by President Donald Trump and the GOP Congress.

Market watchers pointed to the corporate tax cut as further fuel for a record-setting run for equities, investors said the bill was a starting point with significant negotiations likely ahead.

President Trump officially nominated Fed Governor Jerome Powell to head the central bank, a pick that had been widely anticipated.

Jerome “Jay” Powell has supported Chairwoman Janet Yellen’s general direction in setting monetary policy and is seen as Dovish on interest rates compared to other leading candidates for the post.

Q-3 earnings season was in focus, with investors citing corporate profit growth as supporting The Trump Rally in Y 2017.

With more than 75% of companies reported, S&P 500 companies are expected to have increased profits by 7.7% in Q-3, up from an expectation of 5.9% growth at the start of October, according to Thomson Reuters I/B/E/S.

Facebook shares fell 2.0% as investors shrugged off strong Quarterly results and worried about the social media company’s spending. The stock was the biggest drag on the S&P 500 and NAS Comp.

Thursday, the US major stock market indexes finished at: DJIA +81.25 at 23516.26, NAS Comp -1.59 at 6714.93, S&P 500 +0.49 at 2579.85

Volume: Trade on the NYSE came in at: 910-M/shares exchanged.

  • NAS Comp +24.7% YTD
  • DJIA +19.0% YTD
  • S&P 500 +15.2% YTD
  • Russell 2000 +10.3% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Very Bullish (0.56) Very Bullish (0.54) Very Bullish (0.71) Bullish (0.42)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Bullish (0.29) Neutral (0.02) Very Bullish (0.52) Bullish (0.33)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Very Bullish (0.51) Bullish (0.44) Very Bullish (0.56) Very Bullish (0.53)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Very Bearish (-0.52) Bearish (-0.47) Bearish (-0.42) Very Bearish (-0.67)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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