S&P 500, DJIA at Record Marks, as Bank Stocks Gain
$DIA, $SPY, $QQQ, $VXX
Tuesday, the S&P 500 and the DJIA marketrecord levels in early afternoon trading as Boeing (NYSE:BA)rose and bank stocks gained ahead of a near certain move by the Fed to raise interest rate.
Losses in technology heavyweights, including Apple (NASDAQ:AAPL), and Facebook (NASDAQ:FB), dampened the NAS.
The Fed is expected to raise its benchmark interest rate for 3rd time this year at the end of the meeting Wednesday.
Traders see an 87.6% chance of a 25 bpt rate hike, according to the CME Group’s Fedwatch tool.
Investors will watch for the central bank’s forecast on future rate hikes and its view on the health of the economy.
A Labor Department report showed US producer prices rose in November as gasoline prices surged and the cost of other goods increased, leading to the largest annual gain in nearly 6 years and pointing to a broad acceleration in wholesale price pressures.
Losses in utilities and energy sectors were offset by gains in 9 other S&P 500 sectors.
Advancing issues outnumbered decliners on the NYSE by 1,412 to 1,404. On the NAS, 1,503 issues rose and 1,364 fell.
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Very Bullish (0.58)||Bullish (0.28)||Very Bullish (0.88)||Very Bullish (0.58)|
|HeffX-LTN Analysis SPY:||Overall||Short||Intermediate||Long|
|Very Bullish (0.53)||Bullish (0.40)||Very Bullish (0.62)||Very Bullish (0.58)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Very Bullish (0.57)||Bullish (0.28)||Very Bullish (0.77)||Very Bullish (0.67)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.41)||Bearish (-0.47)||Bearish (-0.46)||Bearish (-0.29)|