A Quiet Day on Wall Street, Posting Record Highs
$DIA, $SPY, $QQQ, $VXX, $WFC
Wall Street extended The Trump Rally marking record highs Wednesday on quiet trade.
US Secretary of State Rex Tillerson denied NBC’s report that he considered resigning, allaying fears of fresh turmoil in The Trump Administration.
The S&P 500 and the NAS Comp reversed early losses following Secretary Tillerson’s comments, and the DJIA extended gains.
The latest economic data helped quell Wall Street investors worried about Hurricanes Harvey and Irma dragging on US economic growth.
The vast services sector overcame hurricane-related issues to expand at its fastest pace in 12 years, even as the storms weighed on September hiring.
The rest of the week is also loaded with economic data, culminating in Friday’s NFPs report for September.
Thursday, investors will receive the weekly Initial Claims Report (consensus 265-K), the August Trade Balance (consensus -$42.6-B), and August Factory Orders (consensus +1.0%).
8 of the 11 major S&P indexes were up, led by the consumer discretionary and healthcare sectors.
Troubled consumer banking giant Wells Fargo & Co’s (NYSE:WFC) shares were down 1.2% after the bank said it would refund some mortgage rate lock extension fees.
Volume: Trade on the NYSE was moderate coming in at 738-M/shares exchanged
- NAS Comp +21.4% YTD
- DJIA +14.7% YTD
- S&P 500 +13.4% YTD
- Russell 2000 +11.1% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Very Bullish (0.60)||Very Bullish (0.65)||Very Bullish (0.69)||Bullish (0.46)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.46)||Very Bullish (0.54)||Bullish (0.42)||Bullish (0.42)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.33)||Bullish (0.27)||Bullish (0.31)||Bullish (0.40)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.48)||Bearish (-0.30)||Bearish (-0.48)||Very Bearish (-0.67)|