S&P 500 & NAS Comp Mark Fresh Record Highs

S&P 500 & NAS Comp Mark Fresh Record Highs

$DIA $SPY $QQQ $RUTX $VXX

DJIA +115.84 at 29347.94, NAS Comp +84.44 at 9817.21, S&P 500+15.86 at 3386.15

Wednesday, the S&P 500 (+0.5%) and NAS Comp (+0.9%) closed at fresh record highs, as investors remained optimistic about the global economic outlook despite the coronavirus. The DJIA increased 0.4%, and the RUTX increased 0.5%. 

Stocks held gains following the release of minutes from the FOMC’s last policy meeting, which showed policymakers were cautiously optimistic about their ability to hold interest rates steady this year while acknowledging new risks caused by the virus outbreak.

China is widely expected to cut its benchmark lending interest rate on Thursday, which would add to measures aimed at limiting the impact from business shutdowns and travel curbs on the world’s 2nd-largest economy.

Investors are breathing a sigh of relief that they believe the worst of the coronavirus is behind us, and they are feeling emboldened because central banks have got their back.

Wednesday, the major US stock market indexes finished at: DJIA +115.84 at 29347.94, NAS Comp +84.44 at 9817.21, S&P 500+15.86 at 3386.15

Volume: Trade on the NYSE came in at 827-M/shares exchanged.

  • NAS Comp +9.4% YTD
  • S&P 500 +4.8% YTD
  • DJIA +2.8% YTD
  • Russell 2000 +1.4% YTD

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Very Bullish in here.

Looking ahead: investors will receive the weekly Initial and Continuing Claims report, the Philadelphia Fed Index for February, and the Conference Board’s Leading Economic Index for January Thursday.

Stay tuned…

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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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