President Donald Trump again cheered as all 3 of the major Wall Street’s indexes posted record closing highs Monday, extending a recent run of gainers, on prospects of a US-China trade deal and an improving US economy.
It was the 2nd consecutive session of closing records for the S&P 500 and NAS Comp, and the 1st closing record for the DJIA since late July.
“All-Time High for Stock Market and all the Fake News wants to talk about is the Impeachment Hoax!” he said in a Tweet.
After US officials indicated Friday that a trade deal with China could be signed this month, Commerce Secretary Wilbur Ross said Sunday that licenses for US companies to sell components to Huawei Technologies Co Ltd would come “very shortly.”
In May, Huawei, the world’s largest telecoms equipment provider, was put under a U.S. blacklist citing national security concerns.
Sectors considered among the most sensitive to the trade disspute climbed. The S&P 500 technology index rose 0.6%, the Philadelphia Semiconductor index hit a record high and the S&P industrials index climbed 1.2%.
Optimism about progress with China after Friday’s market highs is “making it easier for investors to continue buying and climbing a wall of worry,” said the managing director of equity trading at Wedbush Securities in Los Angeles.
Energy shares jumped along with gains in Crude Oil prices, with the S&P 500 energy index rising 3.2%, while the S&P 500 financial index .SPSY climbed 0.9%, boosted by shares of Berkshire Hathaway Inc (BRKa.N) after it topped expectations for Quarterly operating profit.
Looking ahead, investors will receive the ISM Non-Manufacturing Index for October, the Trade Balance report for September, and the JOLTS – Job Openings survey for September Tuesday.
Monday, the major US stock market indexes finished at: DJIA +114.75 at 27462.15, NAS Comp +46.80 at 8433.20, S&P 500 +11.36 at 3078.27
Volume: Trade on the NYSE came in at 952-M/shares exchanged
- NAS Comp +27.1% YTD
- S&P 500 +22.8% YTD
- Russell 2000 +18.5% YTD
- DJIA +17.7% YTD
HeffX-LTN’s overall technical analysis for the major US stock market indexes is Bullish across the board in here, notably our Key indicators are Very Bullish.