Monday, US stock index futures edge higher Monday evening following a sharp rally in the broad market.
Markets were bolstered after Fed Chairman Powell said Sunday night that he saw a path, toward an economic recovery from the C-19 coronavirus chaos in 2-H of Y 2020 and emphasized that he has more monetary-policy tools to help mitigate the harm to business activity from lockdowns and closures implemented to stem the spread of the virus.
Monday, the Dow DJIA, +3.85% rose 911.95 pts, or 3.9%, to finish at 24,597.37, the S&P 500 SPX, +3.15% rose 90.21 pts, or 3.2%, to end at 2,953.91, and the NAS Comp COMP, +2.44% added 220.27 pts, or 2.4%, closing at 9,234.83. The gains for the DJIA and S&P 500 were their sharpest since 6 and 8 April 6 respectively, according to Dow Jones Market Data.
Volume on the NYSE came in at 1.2-M/shares exchanged.
- NAS Comp +2.9% YTD
- S&P 500 -8.6% YTD
- DJIA -13.8% YTD
- Russell 2000 -20.1% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias in here
Looking Ahead: Investors will receive Housing Starts and Building Permits for April Tuesday.
Notes: Confidence among US single-family homebuilders rose in May, potentially signaling that the worst of the economic downturn was probably over as the country gradually reopens after lockdowns to slow the spread of C-19 coronavirus.
The next leg up looking like another 10% on the S&P 500 to me.
Have a healthy day, Keep the Faith!