All US Major Stock Market Indexes Finished at All Time Highs
$DIA, $SPY, $QQQ, $VXX
All major US stock market indexes rose to record highs as the Trump Rally extends, as there is optimism that Donald Trump is going to put the US on an economic fast track
The S&P 500 Index, the DJIA, the NAS Comp and the Russell 2000 Index rallied to their highs together for the 1st time since Y 1999.
Crude Oil rose as Iran signaled optimism that OPEC will agree to a supply-cut deal and Iraq said it will offer new proposals to help bolster unity before next week’s meeting in Vienna. The USD’s decline Vs the shared currency was its 1st in 11 days. US Treasuries rose modestly
American stocks achieved the new milestone as companies ended a 5 Quarter profit slump and Donald Trump’s election fueled optimism that his plans to cut taxes and boost fiscal spending will benefit industries more geared toward economic growth.
Acknowledging the strength in the economy, Fed Chairwoman Janet Yellen said last Thursday that the central bank is close to lifting interest rates.
Donald Trump’s election has something to do with this market action, and there is some short covering going on. People that were hedging the election had to rush to cover after the news, and generally there is the perception is the economy is starting to pick up as the Fed is likely to raise rates in December.
Traders are now pricing in a 100% chance of a move next month, compared with a 68% probability in the beginning of November.
If the FOMC does not act as expected, it may bring on more market volatility
The Russell 2000 index of smaller companies rose for a 12th day running in its longest rally since Y 2003.
Monday, the US major stock market indexes finished at: DJIA +88.76 at 18956.69, NAS Comp +47.35 at 5368.86, S&P 500 +16.28 at 2198.18
Volume: Trade was moderate with 841-M/shares exchanged on the NYSE
The Nasdaq Composite (+0.9%) finished ahead of the S&P 500 (+0.8%) and the DJIA (+0.5%). The Russell 2000 (+0.4%) also marked a new all-time high, extending its November gain to 10.8%.
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Bullish (0.36)||Bullish (0.33)||Bullish (0.40)||Bullish (0.36)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.29)||Neutral (0.21)||Very Bullish (0.51)||Neutral (0.16)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.29)||Neutral (0.12)||Bullish (0.35)||Bullish (0.39)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.33)||Bearish (-0.35)||Bearish (-0.35)||Bearish (-0.29)|