Stocks Run to Fresh Record Highs on Powell’s Comments
$DIA, $SPY, $QQQ, $VXX
Wall Street indexes moved to fresh records Tuesday after Fed Chairman nominee Jerome Powell’s comments on interest rate hikes and deregulation fired inspired investors.
JPMorgan (NYSE:JPM), and Bank of America (NYSE:BAC) up about 2%, setting up the S&P financial index for its biggest percentage gain in more than 2 weeks.
Mr. Powell, in his confirmation hearing before the Senate Banking Committee, positioned himself as an heir to the central bank policies of Janet Yellen and her predecessor Ben Bernanke.
He also defended the need to potentially lighten regulation on the financial sector.
Data pointing to better-than-expected US Consumer Confidence also helped lift sentiment.
The Conference Board’s consumer confidence index for November jumped to its highest in nearly 17 years. The index rose to 129.5 in November, compared with an increase to 124 expected by economists polled.
The data follows a report on Monday that showed sales of new US single-family homes hit a 10-year high in October and robust Cyber Monday and Black Friday shopping that pointed to a strong holiday shopping season.
President Donald Trump’s tax cut plan is facing uncertainty, with potential opposition from 2 Republican lawmakers who could prevent the sweeping legislation from reaching the Senate floor.
President Trump lobbied Republicans at their weekly policy luncheon in the US Capitol. The Senate was poised for a possible vote on the bill as early as Thursday.
Tuesday, the major US Stock market indexes finished at: DJIA +255.93 at 23836.71, NAS Comp +33.84 at 6912.35, S&P 500 +25.62 at 2627.04
Volume: Trade on the NYSE came in at: 833.6-M/shares exchanged
- NAS Comp +28.4% YTD
- DJIA +20.6% YTD
- S&P 500 +17.3% YTD
- Russell 2000 +13.2% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Very Bullish (0.58)||Bullish (0.33)||Very Bullish (0.73)||Very Bullish (0.67)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Very Bullish (0.50)||Bullish (0.35)||Bullish (0.48)||Very Bullish (0.67)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Very Bullish (0.68)||Very Bullish (0.62)||Very Bullish (0.85)||Very Bullish (0.56)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.38)||Bearish (-0.29)||Very Bearish (-0.56)||Bearish (-0.29)|
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