US Stocks Post Record Highs, as Trump Rally Extends
$DIA, $SPY, $QQQ, $VXX
- All 4 major US stock market indices finished at new all-time highs
The S&P 500 Index surged past the 2,700-mark Wednesday and other major indexes hit record intra-day highs as technology stocks climbed on indications of strong economic growth in the US and overseas.
The technology sector was the best-performing S&P 500 sector in Y 2017 with a 37% jump finished +0.6% to 2713.06 on the day.
A report showed US factory activity increased more than expected in December, in a further sign of strong economic momentum at the end of Y 2017.
Manufacturing surveys pointed to a strong start for the European economy.
The manufacturing data came ahead of the scheduled release of the FOMC’s minutes of its December policy meeting.
Investors and Fed watchers scaned the release for hints on rate tightening action in the coming months and the impact of the US tax overhaul on the economy and inflation.
The odds of an interest rate hike in March jumped to 61.9% from 56.3% after the Fed data, according to CME Group’s Fedwatch tool.
WTI Crude Oil prices rose nearly 2% to their highest in 2.5 years, with buying spurred by a 6th day of unrest in Iran and strong economic data from the United States and Germany.
Wednesday, the major US stock market indexes finished at: DJIA +98.67 at 24922.68, NAS Comp +58.63 at 7065.53, S&P 500 +17.25 at 2713.04
Volume: Trade on the NYSE came in at: 808-M/shares exchanged
Breadth: Advancing stocks outnumbered decliners on the NYSE by 1,547 to 1,309. On the NAS, 1,586 issues rose and 1,305 fell.
- NAS Comp: +2.4% YTD
- S&P 500: +1.5% YTD
- Russell 2000: +1.1% YTD
- DJIA: +0.8% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Very Bullish (0.59)||Bullish (0.49)||Very Bullish (0.62)||Very Bullish (0.67)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Very Bullish (0.55)||Bullish (0.48)||Very Bullish (0.60)||Very Bullish (0.58)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.45)||Bullish (0.26)||Very Bullish (0.62)||Bullish (0.47)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.37)||Very Bearish (-0.51)||Bearish (-0.39)||Neutral (-0.21)|
Latest posts by Paul Ebeling (see all)
- Ferrari (NYSE:RACE), “We will be a lot less predictable” - July 22, 2019
- Tech Stocks Drive Market Higher - July 22, 2019
- Central Banks Gold Rush Continues - July 22, 2019