The NAS Comp outperformed the other 2 major indexes, while the S&P 500 technology index gained 1%, extending its recovery from the pullback earlier this month that paused this Wall Street rally.
Investors are optimistic as the FOMC began its 1st policy meeting since Chairman Powell announced a more accommodative stance on inflation.
Tuesday’s data showed US factory output increased strongly in August. Separately, US import prices increased more than expected for the same month, supporting the view that inflation pressures may be building up.
Tuesday, the major US stock market indexes finished at: DJIA +2.27 at 27985.60, NAS Comp +133.67 at 11190.33, S&P 500 +17.66 at 3401.20
Volume: Trade on the NYSE came in at 844-M/shares exchanged
Advancing issues outnumbered declinres on the NYSE by a 1.38-to-1 ratio; on the NAS, a 1.19-to-1 ratio favored advancers.
The S&P 500 posted 21 new 52-wk highs and no new lows; the NAS Comp recorded 63 new highs and 19 new lows.
Volume on all US exchanges was 8.99-B/shares, compared with the 9.33-B average for the full session over the last 20 trading days.
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish Bias.
- NAS Comp +24.7% YTD
- S&P 500 +5.3% YTD
- DJIA -1.9% YTD
- Russell 2000 -7.8% YTD
Looking Ahead: Investors will receive Retail Sales for August, the FOMC Rate Decision, the NAHB Housing Market Index for September, Business Inventories for August, Net Long-Term TIC Flows for July, and the weekly MBA Mortgage Applications Index Wednesday.
Have a healthy day, Keep the Faith!
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