S&P 500 rallies past 3300 in “risk-on” session
The S&P 500 rose 0.8% Thursday in a broad-based advance that carried the benchmark index past the 3300 level for the 1st time.
The DJIA (+0.9%) and NAS Comp (+1.1%) also closed at record highs, while the Russell 2000 outperformed with a 1.4% gainer.
Thursday was a good news day that helped extend the market’s Bullish momentum and, in turn, bolster risk sentiment.
Morgan Stanley (MS 56.44, +3.50, +6.6%) provided strong earnings results, retail sales increased 0.3% in December as expected, weekly jobless claims continued to reverse a modestly rising uptrend, and the USMCA deal was passed in the Senate.
All 11 S&P 500 sectors started and finished in the Green, with the broader market rallying into the close. The IT sector (+1.4%) provided the leadership on strength in its Top-weighted components and the semiconductor stocks.
Thursday, the US major stock market indexes finished at: DJIA +267.42 at 29297.55, NAS Comp +98.44 at 9357.16, S&P 500 +27.52 at 3316.81
Volume: Trade on the NYSE came in at 846-M/shares exchanged
- NAS Comp +4.3% YTD
- S&P 500 +2.7% YTD
- DJIA +2.7% YTD
- Russell 2000 +2.2% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Very Bullish in here.
Looking ahead, investors will receive Housing Starts and Building Permits for December, Industrial Production and Capacity Utilization for December, and the preliminary University of Michigan Index of Consumer Sentiment for January Friday.
Have a terrific weekend