NAS 100 Tops Another Record Session

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$QQQ $SPY $DIA $RUT $VXX

"The world's stock markets liked what they heard from Fed Chairman Powell, as the major indices rallied following his presser establishing new record closing highs then and again today"-- Paul Ebeling

DJIA -33.35 to 36124.23, NAS 100 +128.72 at 15940.30, S&P 500 +19.49 at 4680.06

The S&P 500 gained 0.4% Thursday, setting intraday and closing record highs, as strength in the large growth stocks outweighed weakness in the value stocks.

The NAS 100, which is heavily exposed to mega-cap growth, rallied 1.3% to outdo the record-setting advance in the NAS Comp (+0.8%). 

The DJIA (-0.1%) and Russell 2000 (-0.1%) closed a bit lower, the Russell 1000 Value Index fell 0.4%. 

• S&P 500 +24.6% YTD

• NAS Comp +23.7% YTD

• Russell 2000 +21.7% YTD

• DJIA +18.0% YTD

Thursday's economic data:

• Initial jobless claims for the wk ending 30 October decreased by 14,000 to 269,000. Continuing claims for the wk ending 23 October decreased by 134,000 to 2.105-M.The Key takeaway from the report is that the declining level of initial claims fits the script of a labor market that is high with job openings.

• Q-3 productivity decreased 5.0% after increasing an upwardly revised 2.4% (from 2.1%) in Q-2. Unit labor costs surged at an annual rate of 8.3% after increasing a downwardly revised 1.1% (from 1.3%) in Q-2The Key takeaway from the report is that it was the lowest level of productivity since Q-2 of Y 1981 and reflects the labor cost pressures that are building with the weak productivity.

• The September trade deficit was worse than expected, hitting a record high $80.9-B after an upwardly revised $72.8-B deficit (from $73.3 billion) in August.The Key takeaway from the report is the connection that supply chain issues, transportation bottlenecks, and virus chaos prevention measures detracted from global trading activity.

Looking Ahead: Investors will receive the Employment Situation Report for October and Consumer Credit for September Friday. 

Have a prosperous day, Keep the Faith!