The Trump Rally Extends, DJIA, SP 500 at Record Highs
US stocks finished higher Monday, with the DJIA closing at a record high, after marking another all-time high at the open.
The rise in the DJIA also put the blue-chip index on track to close higher for the 10th day running, its longest streak of consecutive gains since February 2017
Markets have been boosted in recent weeks by strong Q-2 earnings, and the good July NFPs report on Friday added to the positive sentiment.
Analysts, on average, expect S&P 500 earnings to have expanded 12% in Q-2 and project earnings up 9.3% for the September Quarter, according to Thomson Reuters I/B/E/S.
The run-up has also sparked concerns about stretched valuations.
Savvy professionals are not afraid of the market 10% correction that some insist is coming.
The market is fully valued, but it is not overvalued in here.
If the market does see that healthy correction, the experts are saying buy banks including Bank of America, (NYSE:BAC), Citigroup (NYSE:C), and JPMorgan Chase (NYSE:JPM).
Consumer sentiment running high too.
Americans’ daily self-reports of spending averaged $109 in July, the 6th month in a row in which spending has averaged $100 or more.
This is the highest spending average in Gallup’s trend since May 2008.
The July average is based on more than 14,000 interviews conducted as part of Gallup Daily tracking throughout the month, Gallup reported.
Monday, the US major stock market indexes finished at: DJIA +25.61 at 22118.42, NAS Comp +32.21 at 6383.75, S&P 500 +4.08 at 2480.87.
Volume: Trade on the NYSE came in light at 744-M/shares exchanged.
Breath: declining issues outnumbered advancers on the NYSE by 1,443 to 1,367. On the Nasdaq, 1,526 issues rose and 1,301 fell.
- NAS Comp +18.6% YTD
- DJIA +11.9% YTD
- S&P 500 +10.8% YTD
- Russell 2000 +4.2% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Very Bullish (0.58)||Very Bullish (0.62)||Very Bullish (0.56)||Very Bullish (0.54)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Neutral (0.22)||Neutral (0.09)||Very Bullish (0.56)||Neutral (0.00)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.40)||Bullish (0.42)||Bullish (0.44)||Bullish (0.33)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Very Bearish (-0.51)||Bearish (-0.35)||Very Bearish (-0.55)||Very Bearish (-0.62)|
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