Comey’s Testimony: “Still Born”, DJIA Marks Record Highs
$DIA, $SPY, $QQQ, $VXX
US stocks were higher in early afternoon trading Thursday after sacked FBI Director James Comey’s testimony was seen by investors as yielding nothing that could affect Donald Trump’s Presidency.
The DJIA earlier hit an intra-day record and continued to climb and settled back on some profit taking.
Participants were concerned that any major revelation by Mr. Comey could dampen the momentum for President Trump’s agenda of lower taxes and lax regulations.
Bets that President Trump can implement his agenda are largely behind a rally that has taken stock indexes to record highs since his election.
“I think the market is taking less of an alarmist review of this situation because there is no smoking gun here. So it is not particularly impactful for thinking about … Trump’s economic agenda to go through,” said a money market economist at Jefferies & Co in New York.
Investors now await the results of the UK general election.
Opinion polls show Theresa May’s Conservative Party leading between 5 and 12% over the main opposition Labour Party, suggesting she would increase her majority.
The market cares because if Theresa May loses the majority that would be disruptive of the Brexit process. We wait, we see.
Thursday, the US major stock market indexes finished at:
Volume: Trade was moderate on the NYSE, with 910.6-M/shares exchanged.
- NAS Comp +17.4% YTD
- S&P 500 +8.7% YTD
- DJIA +7.2% YTD
- Russell 2000 +4.3% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Bullish (0.36)||Neutral (0.14)||Bullish (0.42)||Very Bullish (0.51)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.25)||Bullish (0.31)||Neutral (0.19)||Bullish (0.25)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.49)||Bullish (0.44)||Bullish (0.44)||Very Bullish (0.58)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.28)||Bearish (-0.29)||Bearish (-0.27)||Bearish (-0.29)|