US Major Stock Indexes Mark Record Highs Again Friday
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
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Very Bullish (0.50)||Bullish (0.38)||Very Bullish (0.71)||Bullish (0.42)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.39)||Bullish (0.31)||Very Bullish (0.52)||Bullish (0.33)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Very Bullish (0.50)||Bullish (0.48)||Very Bullish (0.50)||Very Bullish (0.53)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Very Bearish (-0.55)||Very Bearish (-0.55)||Bearish (-0.42)||Very Bearish (-0.67)|
Have a terrific weekend.
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