#profits #BigTech #records #BullRun
$DIA $SPY $QQQ $RUTX $VXX
Blowout profit reports from Big Tech companies drove the S&P 500 to an all-time high Wednesday.
The benchmark index rose 1%. Technology stocks accounted for the Lion’s Share of the gains, outweighing losses in healthcare, utilities, and energy.
The S&P 500 has been marking record highs all month, adding to its amazing reversal this year from a 34% fall this Spring as The China Virus chaos pushed the economy to instant recession. The market movement has driven upward since the 23 March bottom, powered largely by big technology stocks.
The latest economic data provided more reason for investor optimism.
Wednesday, the US Commerce Department said Wednesday that orders for transportation equipment, computers and other long-lasting goods rose more in July from June than economists expected. One closely watched number in the report, which gives an indication of business investment plans, rose 1.9% in July.
The Trump Fed has been 1 of the Key reasons for the stock market’s record Bull run, after it pledged to keep short-term interest rates at Zero and to continue to buy bonds to support the economy.
We believe the Fed is going to continue to go all in as it is serious about wanting to boost inflation. So, expect it move to an average inflation target, which will let inflation run hot for awhile.
Thursday, we expect Fed Chairman Powell to talk about inflation, as well as the importance of Congress delivering more aid/relief/stimulus for the economy in his virtual Jackson Hole declaration.
Wednesday, the major US stock market indexes finished at: DJIA +83.48 at 28331.92, NAS Comp +198.59 at 11665.06, S&P 500 +35.11 at 3478.73
Volume: Trade on the NYSE came in light at 745-M/shares exchanged
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Very Bullish
- NAS Comp +30.0% YTD
- S&P 500 +7.7% YTD
- DJIA -0.7% YTD
- Russell 2000 -6.5% YTD
Looking Ahead: Investors will receive the weekly Initial and Continuing Claims report, the 2nd estimate for Q-2 GDP, and Pending Home Sales for July Thursday
Have a healthy day, Keep the Faith!
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