$SPY, $QQQ, $DIA, $RUTX, $VXX
FLASH: The S&P 500 and NAS Comp marked new closing, and intra-day records Monday on a modest advance.
Analysts now expect earnings of S&P 500 companies to have fallen just 0.2% in Q-1, a sharp improvement from a 2% fall estimated at the beginning of the month, according to IBES data from Refinitiv data.
The S&P 500 posted 38 new 52-week highs and no new lows; the NAS Comp recorded 79 new highs and 25 new lows.
The market action Monday, bolster the outlook that this Bull market has further to run, on solid consumer activity and muted inflation pressure
The market is seeing a resolution of the US-China trade dispute, upbeat earnings and a Dovish Fed have driven the rally in stocks this year, and even though the Monday’s gainers were small, these new highs create buying pressure.
A US Commerce Department report showed consumer spending increased by the most in more than 9.5 years in March, and the Fed’s Key inflation measure posted its smallest annual gain in 14 months.
Tame inflation supports the Fed’s recent decision to suspend further interest rate increases this year.
DJIA +11.06 at 26554.39, NAS Comp+15.46 at 8161.85, S&P 500 +3.15 at 2943.03
Volume: Trade on the NYSE came in at 742-M/shares exchanged
- NAS Comp +23.0% YTD
- Russell 2000 +18.5% YTD
- S&P 500 +17.4% YTD
- DJIA +13.8% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish to Very Bullish in here.
Latest posts by HEFFX Australia (see all)
- Tesla (NASDAQ:TSLA) Battery Day Hints The Event Will Be Groudbreaking - September 18, 2020
- Is Amazon (NASDAQ:AMZN) Stock A Buy Right Now? - September 18, 2020
- Apple (NASDAQ:AAPL) A Week Of Uncertainty - September 18, 2020