S&P 500, NAS Comp Drive Due North to All-time Highs

S&P 500, NAS Comp Drive Due North to All-time Highs

$DIA, $SPY, $QQQ, $RUTX, $VXX

The S&P 500 (+0.5%) and NAS Comp (+0.9%) set new records highs on Wednesday, driven by big gainers in semiconductor stocks and by shares of companies that beat earnings estimates, the Russell 2000 rose 1.6%.

The DJIA lost 0.3% on losses in Boeing (BA 361.43, -11.54, -3.1%) and Caterpillar (CAT 131.91, -6.19, -4.5%) following disappointing earnings reports.

Wednesday’s advance happened in the afternoon, as the market began to shake off several early concerns and instead rally around the companies that provided good earnings news.

Some concerns include the Department of Justice announcing a probe into the “market-leading online platforms,” and the weaker-than-expected Eurozone flash manufacturing PMI for July.

Wednesday, the major US stock market indexes finished at: DJIA -79.22 at 27269.97, NAS Comp +70.10 at 8321.51, S&P 500 +14.09 at 3019.56

Volume: Trade on the NYSE came in at 776-M/shares exchanged

  • NAS Comp +25.4% YTD
  • S&P 500 +20.5% YTD
  • DJIA+16.9% YTD
  • Russell 2000 +17.2% YTD

HeffX-LTN’s overall technical analysis of the major US stock market indexes is Bullish to Very Bullish in here.

Stay tuned…

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