US Stocks to Record Highs, Rate Hikes, NKorea, Irma Fears Fade
$DIA, $SPY, $QQQ, $VXX
Monday, the S&P 500 rose 1%+ to a record high close, as Fed rate hike fear abated, Irma caused less damage than expected in Florida, and NKorea decided not to test President Trump’s resolve.
All 11 major S&P 500 sectors rose, led by financials, with insurers advancing as Irma, once ranked as 1 of the most powerful hurricane recorded in the Atlantic, blew by .
Geopolitical tensions eased after NKorea did not mark its “Founding Day” Saturday with another launch of a long-range missile.
It is risk on again, as people go back into the stock market
- The DJIA rose 1.19% at 22,057.37
- The S&P 500 gained 1.08% at 2,488.11
- The NAS Comp added 1.13 at 6,432.26
- The CBOE volatility (VIX) index, a widely-followed measure of market fear, fell 1.36 points to 10.76.
- NAS Comp +19.5% YTD
- S&P 500 +11.1% YTD
- DJIA +11.6% YTD
- Russell 2000 +4.3% YTD
With investors less worried about Irma’s impact, insurers Universal Insurance Holdings and HCI Group surged more than 12%, while Heritage Insurance spiked 21%.
“Valuations don’t bother me terribly, I do not think we’re at a level where valuations themselves are going to cause a correction,” said one Wall Street money manager
Ferrari (NYSE:RACE) the iconic Italian Supercar maker for nearly 2% to finish at 111.48/share
Advancing issues outnumbered declining ones on the NYSE by a 3.73-to-1 ratio; on NAS, a 2.56-to-1 ratio favored advancers.
About 6-B shares changed hands in US exchanges, above the 5.8-B daily average over the last 20 trading days.
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Bullish (0.41)||Very Bullish (0.55)||Bullish (0.40)||Bullish (0.29)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.34)||Bullish (0.44)||Bullish (0.29)||Bullish (0.29)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.30)||Neutral (0.15)||Bullish (0.40)||Bullish (0.36)|
|HeffX-LTN Analysis for RACE:||Overall||Short||Intermediate||Long|
|Bullish (0.38)||Neutral (0.14)||Bullish (0.41)||Very Bullish (0.58)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.44)||Neutral (-0.21)||Very Bearish (-0.52)||Very Bearish (-0.58)|