The Trump Rally Extends, DJIA and S&P 500 at Record Highs
$DIA, $SPY, $QQQ, $VXX
Wednesday, DJIA and the Standard & Poor’s 500 finished at record highs, the NAS Comp fell, dragged down by declines in big tech names.
Trading was quiet ahead of the Thanksgiving Holiday weekend in the USA.
Small-company stocks continued to outpace the market. The Russell 2000 rose for the 14th trading day running.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.36%.
Higher bond yields are linked to higher interest rates, so the rising yields helped bank stocks turn higher.
The S&P 500 financial index is up 11% since the US Presidential election while the S&P 500 itself is up 3%.
As bond yields rose, investors sold shares of REITS real estate investment trusts, utilities, and companies that sell household goods. Those companies are sometimes compared to bonds because they pay large dividends. When bonds yields rise, those stocks become less appealing to investors seeking income..
The USD rose to 112.58 Japanese Yen from JPY 111.14. EUR fell to $1.0550 from 1.0624. The Buck has not been this strong since March 2003.
WTI Crude Oil -0.07 to 47.96 bbl in New York. Brent Crude Oil off 0. 17 to 48.95 bbl in London.
Gold fell to its lowest mark since February, off 21.90, or 1.8%, to 1,189.30 oz. Silver off 0.24, or 1.4%, to 16.39 oz. Copper + 0.06 , or 2.5%, to $2.6 lb.
Wednesday the US major stock market indexes finished at: DJIA +59.31 at 19083.18, NAS Comp -5.67 at 5380.68, S&P 500 +1.78 at 2204.72
Volume: Trade was moderate with 807.2-M/shares exchanged on the NYSE
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Bullish (0.36)||Bullish (0.33)||Bullish (0.40)||Bullish (0.36)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.26)||Neutral (0.12)||Very Bullish (0.51)||Neutral (0.16)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Neutral (0.24)||Bullish (0.31)||Neutral (0.19)||Neutral (0.22)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.35)||Bearish (-0.35)||Bearish (-0.35)||Bearish (-0.33)|
Have a Happy Thanksgiving
Latest posts by Paul Ebeling (see all)
- Ferrari’s (NYSE:RACE) Classic 250 GTO’s Are the World’s Most Expensive Cars - June 19, 2018
- The Trump Effect: China’s Stock Markets Feeling ‘Extreme Pain’ - June 19, 2018
- A Trump Win in 2020 Spells End of This Democratic Party - June 19, 2018