Home Headline News Wall Street Bulls Are Back in Rally Mode

Wall Street Bulls Are Back in Rally Mode

96
0

$DIA, $SPY, $QQQ, $RUTX, $VXX

Thursday, US stocks spiked on expectations of a de-escalation in trade tensions after Washington and Beijing agreed to hold high-level talks in early October, while at the same time strong US economic data eased fears of a domestic slowdown.

The ADP National Employment Report, considered a precursor to the Labor Department’s more comprehensive jobs report, showed US private employers’ payrolls grew at the fastest pace in 4 months in August, led by big gainers in service-sector jobs.

Another private survey showed growth in US services sectors accelerated in August, rebounding from its weakest level in about 3 years, as new orders rose to their highest mark since February.

The upbeat reports eased concerns of an economic downturn, which was exacerbated by data Tuesday that showed a contraction in US factory activity in August.

Investors will keep a close watch on the Key NFPs data due Friday.

Closing Market Snapshot

DJIA26728.13+372.68(1.41%)
NAS Comp8116.86+139.95(1.75%)
SP 5002976.00+38.22(1.30%)
10-yr T- Note -31/321.567
Volume: NYSEAdv 1895 Dec 956 878.4-M
Volume: NASDAQAdv 2261 Dec 826 2.1-B

Industry Watch

Strong: Financials, Information Technology, Industrials
Weak: Real Estate, Utilities, Consumer Staples
  • NAS Comp +22.3% YTD
  • S&P 500 +18.7% YTD
  • DJIA +14.6% YTD
  • Russell 2000 +12.0% YTD

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Neutral with a Bullish bias, notably our Key indicators all turned Very Bullish mid-morning Thursday.

Stay tuned…

Previous articleDow Jones Industrial Average (.DJI) notches best day in 3 weeks on rising trade optimism
Next articleFerrari’s (NYSE:RACE) Path from Upstart Racer to Aristocrat of the World’s Automotive Sector
S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.