DJIA Caught Up, NAS Comp Bounces, Russell 2000 Leads, Gold Rebounds
#DJIA #NASDAQ #Russell2000 #XAU #GLD #stocks
$DIA $SPY $QQQ $RUTX $XAU $GLD $VXX
"The market has adjusted to the new level of interest rates" -- Paul Ebeling
The major US stock indexes finished up across the board Tuesday, with the NAS gaining about 4% and the Russell 2000 + 1.9% as US-Treasury yields retreated.
Tesla Inc (NASDAQ:TSLA) jumped 20%,the most in almost a year, while Amazon.com Inc (NASDAQ:AMZN) and Microsoft Corp (NASDAQ:MSFT) posted the biggest 1-day gainers in several wks.
News that a $1.9-T VirusCasedemic aid/relief/stimulus package was nearing Senate/House approval triggered a spike in yields Monday, pushing the tech-heavy NAS to end 10%+ below its 12 February closing high, confirming that the indexed corrected.
Companies whose products and services are in demand when the economy is doing well, known as cyclicals, and small-cap stocks will outperform this year. Tech will end the year higher but not be the leader as it was in the past year's rally.
Tuesday, the benchmark US stock market indexes finished at: DJIA +30.30 at 31832.74, NAS Comp +464.66 at 13073.84, S&P 500 +54.09 at 3875.44, the Russell 2000 finished + 1.9% and the DJIA set a record intraday.
Gold futures settled 38.90 higher (+2.3%) to 1,716.90oz, reclaiming the 1700 psych mark.
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 still Neutral/Bullish with a Very Bullish bias.
Russell 2000 +13.7% YTD
DJIA +4.0% YTD
S&P 500 +3.2% YTD
NAS Comp+1.4% YTD
Looking Ahead: Wednesday, investors will receive the Consumer Price Index (CPI) for February, the Treasury Budget for February, and the weekly MBA Mortgage Applications Index.
Have a healthy day, Keep the Faith!
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