Fed Upbeat on US Economy, the NAS Marks Another Record High
$DIA, $SPY, $QQQ, $RUTX, $VXX
Tuesday the NASDAQ marked a fresh record, as the Fed Chief, Jay Powell, offered an upbeat appraisal of the US economy.
The tech-rich NAS Comp gained 0.6% to 7,855.12, 30 pts above the record set on 13 July .
Stocks had opened lower following disappointing results from Netflix (NASDAQ:NFLX) that also weighed on other large technology companies.
Netflix finished down 5.2% as it reported that Quarterly membership grew 5.2-M to 130-M shy of what the company had forecast. The streaming company was down more than 14% at session lows.
Analysts said the early declines prompted bargain-hunting, propelling Google parent Alphabet (NASDAQ:GOOGL), Facebook (NASDAQ:FB) and Microsoft (NaSDAQ:MSFT) + 1% or more.
Investor sentiment was also boosted by a congressional appearance by Fed Chair Jerome Powell, who said US economic conditions remained solid even as he acknowledged some uncertainty over trade conflicts.
Tuesday, the major US stock market indexes finished at: DJIA +55.53 at 25119.89, NAS Comp +49.40 at 7855.13, S&P 500 +11.12 at 2809.29
Volume: Trade on the NYSE came in at 708-M/shares exchanged.
- NAS Comp +13.8% YTD
- Russell 2000 +9.9% YTD
- S&P 500 +5.1% YTD
- DJIA +1.6% YTD
HeffX-LTN’s US Major Market Indexes Technical Analysis
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