Broad Rally: S&P 500 Marked a Record Led by Tech and ConsDiscretionary Stocks
#Rally #SP500 #jobs #JOLTS
"Market sentiment getting a boost from all of the good economic news and FOMO in here" -- Paul Ebeling
Reviewing Thursday's US economic data:
Initial jobless claims for the wk ending 6 March decreased by 42,000 to 712,000, which is the lowest level of claims since the 1st wk of November 2020.
Continuing claims for the wk ending 27 February decreased by 193,000 to 4.144-M
The Key takeaway from the initial jobless claims data is that initial claims are moving in a direction that suggests the economy is still in it V-Shaped recovery and growing. Plus, JOLTS aka Job openings, increased to 6.917-M in January from a revised 6.752-M in December
Thursday, the benchmark US stock market indexes finished at: DJIA +188.57 at 32485.59, NAS Comp +329.84 at 13398.69, S&P 500 +40.53 at 3939.34
Volume: Trade on the NYSE came in at 1.1-B/shares exchanged
HeffX-LTN's overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias in here.
Russell 2000 +18.4% YTD
DJIA +6.1% YTD
S&P 500 +4.9% YTD
NAS Comp +4.0% YTD
Looking Ahead: Investors will receive the Producer Price Index (PPI) for February and the preliminary University of Michigan Index of Consumer Sentiment (MSI) for March Friday.
Have a healthy weekend, Keep the Faith!
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