S&P 500 Marked Record High in the Longest Bull Market on Record
$DIA, $SPY, $QQQ, $RUTX, $VXX
Tuesday, the benchmark S&P 500 marked a record high, as US stocks rose on earnings reports in the consumer sector and relative calm in the trade dispute between the United States and China.
The S&P rose as much as 0.6% to a record intra-day high of 2,873.23 points, topping its prior record high of 2,872.87 on 26 January, it closed lower at 2862.70
The Bull-market run is now 3,452 days old and Wednesday becomes the longest on record.
Trade-sensitive industrial stocks rose for the 4th session running, as investors remained optimistic that the US and China could move closer to settling their trade dispute. The S&P 500 industrial index rose 0.8% on the day.
The S&P consumer discretionary index climbed 0.9% as shares of off-price retailer TJX Companies Inc. (NYSE:TJX) rose on strong results and Toll Brothers Inc.’s (NYSE:TOL) strong Quarterly report boosted shares of home-builders.
The S&P 500 energy index rose 0.5% and the S&P 500 materials index gained 0.4%, in line with higher prices for Crude Oil and metals.
Commodity prices were helped by a decline in USD after President Donald Trump said he was “not thrilled” with the Fed for raising rates and that the central bank should do more to help him boost the economy.
- WTI Crude Oil +0.6% at 65.83 bbl
- Gold +0.5% at 1200.10 oz
- Copper: +0.8% at 2.69 lb
The criticism came ahead of the release of the Fed’s minutes of its August policy meeting last Wednesday, which is expected to reaffirm its confidence in the US economy and its commitment to future rate hikes.
Tuesday, the major US stock market indexes finished at: DJIA +63.60 at 25822.29, NAS Comp +38.17 at 7859.20, S&P 500 +5.91 at 2862.70
Volume: Trade on US exchanges was 5.86-B shares. Advancing issues outnumbered decliners on the NYSE by a 1.88-to-1 ratio, on the NAS Comp, a 2.32-to-1 ratio favored advancers.
The S&P 500 posted 43 new 52-week highs and no new lows, NAS Comp recorded 164 new highs and 32 new lows.
- NAS Comp +13.9% YTD
- Russell 2000 +11.9% YTD
- S&P 500 +7.1% YTD
- DJIA +4.5% YTD
HeffX-LTN’s outlook for the major US stock market indexes is overall Bullish.