PPI Came in ‘Hot’, Traders Shrug it Off, Market Soars
$DIA, $SPY, $QQQ, $VXX
Thursday, Wall Street marked it 5th session running of gains, led technology stocks as investors shrugged off inflation worries that may have roiled the markets early this month.
Traders shrugged off economic data for a 2nd consecutive session that indicated inflation pressures were building, as weekly jobless claims data Thursday pointed to a tightening labor market.
Investors focused on strong Quarterly earnings and expectations that more earnings growth is yet to come, thanks to President Trump’s newly-implemented corporate and personal tax cuts.
Trader’s eyes were fixed on the PPI number Thursday morning, it came in a little Hot. But much like yesterday when the CPI came in Hot, the market shook it off too.
Following many forecast increases by corporations in recent weeks, analysts on average now expect S&P 500 companies to increase their EPS (earnings per share) in Y 2018 by 18.9%, according to Thomson Reuters I/B/E/S.
Wall Street investors were not alone in their optimism. Bullish sentiment among individual investors hit its highest level since mid-January in the American Association of Individual Investors’ weekly survey.
Thursday, the major US stock market indexes finished at: DJIA+306.88 at 25200.37, NAS Comp +112.81 at 7256.42, S&P 500 +32.57 at 2731.20
Volume: Trade on the NYSE came in at: 826-M/shares exchanged
- NAS Comp +5.1% YTD
- S&P 500 +2.2% YTD
- DJIA +2.0% YTD
- Russell 2000 +0.1% YTD
HeffX-LTN’s Market Indexes Technical Analysis
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