S&P 500 and NAS Comp Notch Record Highs Again
- There is room to run in the equity markets with more records being hit, especially with the momentum on trade.
S&P 500 and the NAS Comp hit all-time highs for the 4th session running Wednesday, boosted by a rise in Amazon.com and Alphabet, and optimism over trade talks between the United States and Canada.
Morgan Stanley raised its price target on Amazon (NASDAQ:AMZN) and Google-parent Alphabet (NASDAQ:GOOGL), becoming the most Bullish Wall Street brokerage on the FANGs, causing the stocks to rise by 2.3 and 1.3% respectively.
The technology sector rose 0.92 percent, the most among the 11 major S&P sectors, on gains in Alphabet. Apple hit a record high and was last up 1.0% on the day.
The consumer discretionary index was up 0.70%, as Amazon’s gains more than offset a drop in retailers. Amazon’s stock hit a record high and moved closer to following Apple into the $1-T-market cap club.
Also helping sentiment was US Commerce Department data that showed Q-2 US economic growth was stronger than estimated for its best performance in 4 years as businesses spent more on software and imports fell.
After striking a deal with Mexico Monday, the United States is in trade talks with Canada to salvage the North American Free Trade Agreement (NAFTA) on signs Ottawa is taking a more conciliatory approach.
There is room to run in the equity markets with more records being hit, especially with the momentum on trade.
Wednesday US major stock market indexes finished at: DJIA +60.55 at 26124.57, NAS Comp +79.65 at 8109.71, S&P 500 +16.52 at 2913.78
Volume: Trade on the NYSE came in at 649-M/shares exchanged.
Advancing issues outnumbered decliners for a 1.66-to-1 ratio on the NYSE and a 1.61-to-1 ratio on the Nasdaq.
The S&P index recorded 43 new 52-week highs and one new low, while the NAS Comp recorded 87 new highs and 13 new lows.
- NAS Comp +17.5% YTD
- Russell 2000 +13.1% YTD
- S&P 500 +9.0% YTD
- DJIA +5.7% YTD
HeffX-LTN overall outlook for the US major stock market indexes is Bullish to Very Bullish, with little to no overhead resistance.
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