US Stocks Headed to Record Territory
$DIA, $SPY, $QQQ, $RUTX, $VXX
Tuesday, US stocks advanced for a 4th session running, with the S&P 500 climbing 0.3% to 2858. The benchmark index is now within 0.5% of its 26 January record high.
The tech-heavy NAS Comp climbed 0.3%, and the DJIA rose 0.5%.
The S&P 500 trended sideways from start to finish, keeping between +0.2% and +0.5%. Gains were broad-based, with 7 of 11 sectors finishing in the Green. Energy (+0.7%) and industrials (+0.7%) were the Top performers.
The top-weighted information technology sector got off to a good start, but fell back in line with the broader market,as Apple fell for the 1st time since its 31 July earnings release, which fueled a wave of buying, helping to push the company’s market cap above $1-T.
Four sectors finished in negative territory, with consumer staples (-0.6%) being the weakest performer.
Tesla, Inc. was the focal point of a quiet session after CEO Elon Musk Tweeted that he is considering taking the company private for 420/share and has already secured funding to do so. Shares were halted after an initial spike, but added to their gains when trading resumed, hitting an 11-month high.
Away from stocks
Treasuries fell Tuesday, sending yields higher across the curve, with the benchmark 10-yr yield up bpts to 2.97%.
The US Dollar (.DXY) Index came off a 13-month high, dropping 0.2% to 95.00
The CBOE Volatility (VIX) Index -3.1% to 10.92, its lowest mark since January.
- WTI Crude Oil +0.2% to 69.17 bbl
- Gold: Unch at 1218.20 oz
- Copper +0.7% at 2.75 lb
Looking ahead, Wednesday’s only economic report, the weekly MBA Mortgage Applications Index, will cross the wire at 7:00a EDT.
Tuesday, the major US stock market indexes finished at: Dow +126.73 at 25628.91, Nasdaq +23.99 at 7883.67, S&P +8.05 at 2858.19
Volume: Trade on the NYSE came in at 725-M/shares exchanged
- NAS Comp +14.2% YTD
- Russell 2000 +10.0% YTD
- S&P 500 +6.9% YTD
- DJIA +3.7% YTD
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis