The Trump Effect: NAS Comp Finished Above 6,000 for 1st Time
$DIA, $SPY, $QQQ, $VXX
Tuesday, the Nasdaq Composite index hit a record high, the DJIA and S&P 500 tapped recent highs, as strong earnings underscored the health of corporate America.
The NAS Comp closed above 6,000 for the 1st time, more than 17 yrs after breaching the 5,000 mark.
The DJIA closed + 232.23 pts, or 1.12%, at 20,996.12,
The S&P 500 gained 14.46 pts, or 0.61%, to finish at 2,388.61, and
The NAS Comp added 41.67 pts, or 0.7%, finishing at 6,025.49 an all-time high.
Tuesday’s gainers build on Monday’s extension of The Trump Rally, and the notion that the French will elect a pro-business candidate and create opportunities in the EU
Overall profits of S&P 500 companies are estimated to have risen 11% in Q-1, the most since Y 2011, according to Thomson Reuters I/B/E/S.
US President Trump promised to make “a big tax reform” announcement Wednesday, plus he has directed his aides to move quickly on a plan to cut the corporate income tax rate to 15 from 35%.
The DJIA outperformed other major sectors, largely due to a surge in Caterpillar (NYSE:CAT), and McDonald’s (NYSE:MCD) after they reported better-than-expected profits.
Tuesday, 8 of the S&P 500’s 11 major sectors finished higher.
Advancing issues outnumbered decliners on the NYSE by 2,017 to 853. On the Nasdaq, 2,020 issues rose and 766 fell.
The S&P 500 index showed 80 52-wk highs and 3 lows, while the NAS Comp recorded 194 highs and 36 lows.
- NAS Comp +11.9% YTD
- S&P 500 +6.7% YTD
- DJIA+6.2% YTD
- Russell 2000 +4.0% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Neutral (0.12)||Neutral (-0.17)||Bullish (0.29)||Bullish (0.25)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Neutral (0.18)||Neutral (0.03)||Bullish (0.29)||Neutral (0.21)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Neutral (0.24)||Neutral (0.08)||Bullish (0.29)||Bullish (0.33)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.36)||Bearish (-0.35)||Bearish (-0.40)||Bearish (-0.33)|