S&P 500 Marks 5th Week of Gains, as Wall Street Hits New Records

S&P 500 Marks 5th Week of Gains, as Wall Street Hits New Records


Friday, the 3 major US stock market indexes posted record closing highs and the S&P 500 registered a 5th straight week of gainers as investors brushed aside worries over the progress of US-China trade talks and as Walt Disney shares rose.

The Cboe volatility index .VIX posted its lowest closing level since 24 July (VXX).

Helping to boost the S&P 500, Walt Disney Co (DIS) gained 3.8% a day after it reported Quarterly results that showed it spent less than it had projected on its online streaming service, Disney+. Disney’s popular theme parks and a remake of “The Lion King” lifted earnings.

The Dow Jones Industrial Average .DJI rose 6.44 points, or 0.02%, to 27,681.24, the S&P 500 .SPX gained 7.9 points, or 0.26%, to 3,093.08 and the NAS Comp .IXIC added 40.80 points, or 0.48%, to 8,475.31.

On the week

The S&P 500 rose 0.8%, posting a 5th week running of gainers, while the NAS gained 1.1%, closing out its 6th straight week of gainers. The DJIA was up 1.2% on the week.

Increasing optimism on the trade front and better-than-expected earnings have driven the recent record run in stocks.

Of the 446 S&P 500 companies that have reported results so far, roughly 75% have beaten profit estimates, according to IBES data from Refinitiv.

Advancing issues outnumbered declining ones on the NYSE by a 1.07-to-1 ratio, on the NAS , a 1.13-to-1 ratio favored advancers.

The S&P 500 posted 29 new 52-wk highs and 2 new lows; the NAS Comp Composite recorded 74 new highs and 87 new lows.

Volume: Trade on all US exchanges was 6.59-B shares, compared with the 6.79-B-share average for the full session over the last 20 trading days.

HefX-LTN’s overall outlook for the major US stock indexes if Bullish to Very Bullish at the week ended 8 November 2019.

Have a terrific weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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