US Stock Indexes Post Record Highs Despite Las Vegas ‘Horror’
$DIA, $SPY, $QQQ, $VXX
The S&P 500 and the DJIA traded just below record highs touched at the open Monday, in a strong start to Q-4, boosted by financials and healthcare stocks and after economic data pointed to underlying strength in the economy.
Shares of casino operators were lower, while those of gunmakers moved higher after a gunman killed at 58 people, and wounded hundreds in Las Vegas Sunday in the largest mass shooting in US history.
The US stock market indexes finished with the DJIA (+0.7%), the S&P 500 (+0.4%), the NAS Comp (+0.3%), and the small-cap Russell 2000 (+1.3%) at new record highs.
Monday’s advance marked the 3rd-consecutive record high close for the S&P 500 and the 7th in a row for the Russell 2000, as The Trump Rally extends.
US factory activity rose to 13.5 year highs in September amid strong gains in new orders and raw material prices, according to the Institute for Supply Management (ISM).
Construction spending rose 0.5% to $1.21-T in August, adding to the robust economic data.
The S Dollar extended gains after the data. The Buck has been rising after Fed Chair Janet Yellen’s recent speech that suggested the odds of an interest rate hike in December remain high.
Meanwhile, US President Donald Trump met with former Federal Reserve Governor Kevin Warsh and 3 others to become the new Chairman of the central bank and promised a decision this month.
Investors have high hopes for President Trump’s tax reform plan, which envisages lowering corporate tax to 20%.
“There is a sense of optimism that something will get done on corporate tax reform now that healthcare has been finally put to bed, if you will,” said the US Equity Strategist, JPMorgan Private Bank.
“The fact is that you’re also seeing a proposal to include a reduction of individual tax rates … so we think that the consumer will have more dollars to put to work in the economy.”
Monday, the US major market indexes finished at record highs again: DJIA +152.51 at 22557.60, NAS Comp +20.76 at 6516.72, S&P 500 +9.76 at 2529.12
Volume: Trade on the NYSE came in at: 754-M/shares exchanged.
- NAS Comp +21.1% YTD
- DJIA +14.1% YTD
- S&P 500 +13.0% YTD
- Russell 2000 +11.2% YTD
Overall Monday the HeffX-LTN technical indicators for the US stock indexes are Bullish to Very Bullish
Latest posts by Paul Ebeling (see all)
- Smart Coffee Drinking - November 13, 2019
- AEMC CEO Michael Selsman from the Sidelines of the American Film Market - November 13, 2019
- Ferrari’s (NYSE:RACE) ‘Roma’ a Really Smooth, Sexy Supercar - November 13, 2019