FLASH: This Bull Market in stock is the longest on record.
The S&P 500 Index marked a record closing high Thursday, buoyed by Wall Street’s expectations that the Fed will cut interest rates as soon as July to keep the US-China trade dispute from stalling economic growth.
The Fed left rates unchanged at the end of its 2-day policy meeting on Wednesday, but pledged to “act as appropriate” to sustain economic health, thus eliminating the word “patience” from its language.
Wall Street’s Key indexes have gained in recent weeks on expectations of a rate cut and talks of a revival of trade talks between the United States and China at the G-20 meeting next week in Japan.
Also, driving optimistic sentiment is data which showed the number of Americans filing applications for unemployment benefits fell more than expected last week, pointing to underlying labor market strength despite a sharp slowdown in job growth in May.
The benchmark S&P 500 index, which has risen about 7% so far in June, hit an intra-day record high of 2,956.20 Thursday. So far June is on pace to mark the best results in 80 years.
Thursday, the major US stock market indexes finished at: DJIA +249.17 at 26753.17, NAS Comp +64.02 at 8051.33, S&P 500 +27.72 at 2954.18
Volume: Trade came in at 974-M/shares exchanged on the NYSE
- NAS Comp +21.3% YTD
- S&P 500 +17.8% YTD
- Russell 2000 +15.9% YTD
- DJIA +14.7% YTD
Advancing issues outnumbered declining ones on the NYSE by a 3.15-to-1 ratio; on the NAS a 1.52-to-1 ratio favored advancers.
The S&P 500 posted 97 new 52-wk highs and 3 new lows; the NAS Comp recorded 119 new highs and 40 new lows.
HeffX-LTN’s overall technical outlook for the major US stock indexes is Bullish to Very Bullish in here.