Broad Rally: S&P 500 Marked a Record Led by Tech and ConsDiscretionary Stocks

#Rally #SP500 #jobs #JOLTS


Market sentiment getting a boost from all of the good economic news and FOMO in here” — Paul Ebeling

Reviewing Thursday’s US economic data:

  • Initial jobless claims for the wk ending 6 March decreased by 42,000 to 712,000, which is the lowest level of claims since the 1st wk of November 2020.
  • Continuing claims for the wk ending 27 February decreased by 193,000 to 4.144-M

The Key takeaway from the initial jobless claims data is that initial claims are moving in a direction that suggests the economy is still in it V-Shaped recovery and growing. Plus, JOLTS aka Job openings, increased to 6.917-M in January from a revised 6.752-M in December

Thursday, the benchmark US stock market indexes finished at: DJIA +188.57 at 32485.59, NAS Comp +329.84 at 13398.69, S&P 500 +40.53 at 3939.34

Volume: Trade on the NYSE came in at 1.1-B/shares exchanged

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias in here.

  • Russell 2000 +18.4% YTD
  • DJIA +6.1% YTD
  • S&P 500 +4.9% YTD
  • NAS Comp +4.0% YTD

Looking Ahead: Investors will receive the Producer Price Index (PPI) for February and the preliminary University of Michigan Index of Consumer Sentiment (MSI) for March Friday.

Have a healthy weekend, Keep the Faith!