Wall Street stocks marked another record closing high Monday, as the DJIA gained 10,000 points since Donald Trump was elected President.
The Dow’s high point on Monday was 28,337.49, it closed at 18,332.74 on 8 November 2016
The index has rallied more than 54% since President Trump’s election victory, while the benchmark S&P 500 has gained more than 46%.
The DJIA surpassed its November closing high, while the S&P 500 and NAS Comp marked record closes for the 3rd session running.
The rally has been driven by pro-growth measures, de-escalation of trade tensions, huge liquidity injections by central banks and a FOMO approach by investors worried about missing out on a remarkable US market outperformance that has set one record high after the other.
Friday’s announcement of an interim trade deal between the world’s 2 biggest economies has lifted prospects for the global economy.
Although growth in China is expected to continue moderating in the 6.0% zone, the trade developments brightened the country’s economic outlook.
Adding to the optimism, data released early Monday showed China’s industrial output and retail sales growth accelerated in November.
The US-China trade deal suspended tariffs scheduled to take effect on 15 December on a variety of consumer products, including Apple Inc’s (NASDAQ:AAPL) iPhone. Apple shares rose 1.7% and provided the biggest boost to the S&P 500 and NAS.
Monday, the major US stock market indexes finished at: DJIA +100.51 at 28235.80, NAS Comp +79.35 at 8814.24, S&P 500 +22.65 at 3191.45
Volume on all US exchanges came in at 7.48-B shares, compared with the 6.85-B average for the full session over the last 20 trading days.
Advancing issues outnumbered decliners on the NYSE by a 2.39-to-1 ratio and on NAS, a 1.65-to-1 ratio favored advancers.
The S&P 500 posted 77 new 52-wk highs and No new lows
The NAS Comp recorded 225 new highs and 54 new lows.
- NAS Comp +32.8% YTD
- S&P 500 +27.3% YTD
- Russell 2000 +22.4% YTD
- DJIA+21.0% YTD
HeffX-LTN’s overall technical analysis of the major US stock market indxes is Very Bullish in here.
Looking ahead, investors will receive Housing Starts and Building Permits for November, Industrial Production and Capacity Utilization for November, and the JOLTS – Job Openings survey for October Tuesday.
Making and Keeping America Great!