Financials, Tech Led US Market to Record Highs, Again
$DIA, $SPY, $QQQ, $VXX
- Senate takes another step toward tax reform by passing budget blueprint
- Top-weighted financials and technology sectors show relative strength
Technology and Financial stocks lifted Wall Street Friday, as investor optimism received a fresh boost from Washington, where The Trump Administration stepped closer to implementing its tax reform plan.
Bank of America (NYSE:BAC) + 1.8% and Goldman Sachs (NYSE:GS) rose 1%, trailing a rise in US Treasury yields and Apple’s (NASDAQ:AAPL) 0.8% gainer led the recovery in technology stocks.
Hopes of tax cuts have helped the continuing Trump Rally, as companies expect the move to lift economic growth and inflation.
Thursday, the US Senate approved a budget blueprint for FY 2018 that will pave the way for Republicans to pursue a tax-cut package without Democratic support.
It a positive and has added to the sentiment. Any legislative action that promotes economic growth, clearly will be additive to not only sentiment but earnings.
Q-3 earnings season is under way and 183 S&P 500 companies are expected to report earnings next week. So far more than 70% of the 88 S&P 500 companies have beat profit expectations.
7 of the 11 major S&P Sector Indexes were higher, led by a 0.89% gainer in the financial index.
Friday, the US major stock market indexes finished at: DJIA +165.59 at 23328.63, NAS Comp +23.99 at 6629.05, S&P 500 +13.11 at 2575.21
Volume: Trade on the NYSE came in at: 900-M/shares exchanged
- NAS Comp +23.2% YTD
- DJIA +18.0% YTD
- S&P 500 +15.0% YTD
- Russell 2000 +11.2% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Very Bullish (0.58)||Very Bullish (0.56)||Very Bullish (0.67)||Very Bullish (0.50)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Very Bullish (0.52)||Very Bullish (0.54)||Very Bullish (0.60)||Bullish (0.42)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.32)||Bullish (0.37)||Neutral (0.19)||Bullish (0.40)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.38)||Bearish (-0.38)||Bearish (-0.35)||Bearish (-0.39)|
Have a terrific weekend.
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