US Major Stock Indexes Mark Record Highs Again Friday

$DIA, $SPY, $QQQ, $VXX

The 3 major Wall Street stock indexes came off their session lows in early afternoon trading Friday, as Apple (NASDAQ:AAPL)  hit a record high on strong demand for its latest iPhone X and an upbeat Holiday sales forecast.

The NAS Comp soared to a record high, boosted by Apple.

The shares jumped 3.7% and helped Apple briefly surpass $900-B in market cap.

The market traded in a narrow range after October jobs data triggered worries about weak wage growth. Average hourly earnings slipped by one cent last month, lowering the Y-Y increase to 2.4%.

U.S. jobs increased by 261,000 last month after a hurricane-ravaged September.

Tepid wage growth supports the view that inflation will continue to undershoot the Fed’s 2% target and could raise concerns about consumer spending.

The 3 major stock indexes tracked to record gainers on the week as The Trump Rally extends.

President Trump’s nomination of Jerome Powell as the new Fed Chief and the unveiling of the long-awaited tax-cut plans by the GOP lawmakers augur positive for the stock market

The market has been supported by largely positive Q-3 earnings. Of the 406 S&P 500 companies that have reported, 72.4% have topped profit estimates, slightly above the 72% beat-rate in the past 4 Quarters.

Friday, the US major stock market indexes finished: DJIA +22.93 at 23539.19, NAS Comp +49.49 at 6764.42, S&P 500 +7.99 at 2587.84

Volume: Trade on the NYSE came in at: 813-M/shares exchanged

• NAS Comp+25.7% YTD
• DJIA +19.1% YTD
• S&P 500 +15.6% YTD
• Russell 2000 +10.2% YTD

Have a terrific weekend.

  Apple, Bullish, DIA, DJIA, Fed, GOP, highs, market, QQQ, rally, SPY, stock, tax, Trump, VXX

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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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