The Trump Effect: NAS Comp Finished Above 6,000 for 1st Time
$DIA, $SPY, $QQQ, $VXX
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)|