Investors “Pause to Refresh’ Major Indexes Drift at All-time Highs
$DIA, $SPY, $QQQ, $VXX
The S&P 500 was down slightly Tuesday after mixed economic data and earnings while the NAS Comp hit another record as it was boosted by gains in technology stocks.
US manufacturing production showed its biggest increase in more than 3 years for April, bolstering a view that economic growth picked up early in the second quarter despite a surprise decline in home-building.
The news was not positive enough to boost investment nor so negative as to make investors flee stocks and rush into bonds.
It is a combination of earnings and better than expected industrial production countered with concerns about future economic data and the fact we continue to see weak retail sales.
With the consumer being about 70% of economic growth. So, if consumer spending is weak, can we continue to see solid economic growth?
Investors were also cautious about potential delays to the government’s tax and regulation reform agenda.
- June Gold finished pit trading 6.30 higher at 1236.40 oz
- July Silver gained 0.14 at 16.75 oz
- June WTI Crude Oil finishing its floor session 0.22 lower at 48.64 bbl
Tuesday, the US major stock market indexes finished at: DJIA -2.19 at 20979.75, NAS Comp +20.20 at 6169.86, S&P 500 -1.65 at 2400.67
Volume: Trade on the NYSE came in at 945.1-M/shares exchanged.
- NAS Comp +14.6% YTD
- S&P 500 +7.2% YTD
- DJIA +6.2% YTD
- Russell 2000 +2.8% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Bullish (0.30)||Bullish (0.40)||Neutral (0.17)||Bullish (0.35)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Neutral (0.09)||Neutral (-0.15)||Neutral (0.19)||Bullish (0.25)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.29)||Neutral (0.19)||Bullish (0.45)||Bullish (0.25)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.33)||Bearish (-0.31)||Bearish (-0.29)||Bearish (-0.38)|
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