$DIA, $SPY, $QQQ, $RUTX, $VXX
Monday, new money came in and Wall Street gained with all 3 major indexes closing near session highs. Continuing optimism abounds on the prospects for US-China trade relations propelled technology shares.
The S&P 500 index and the NAS Comp both closed above their 100-Day MA’s for the 1st time since October. Shares of Apple Inc and Microsoft Corp each rose 2.7% and were the Toppers in benchmark S&P 500 index and the NAS Comp. Apple and Microsoft’s gainers helped S&P 500 technology stocks gain 1.6% on the day.
Continuing optimism regarding a possible trade truce between the United States and China also boosted tech shares.
The DJIA rose 175.48 points, or 0.7, to 25,239.37, the S&P 500 gained 18.34 points, or 0.68%, to 2,724.87 and the NAS Comp added 83.67 points, or 1.15 percent, to 7,347.54.
After having dropped 18% below its record 20 September close, the S&P 500 is now less than 8% away from reaching that mark.
Earnings season is positive so far. About 71% of the S&P 500 companies that have reported have exceeded analysts’ estimates, according to IBES data from Refinitiv.
Analyst estimates for Q-4 profit growth are now at 15.4%. The profit growth forecast for Q-1 of Y 2019 is lower at 0.5%.
Monday, the major US stock market indexes finished at: DJIA +175.48 at 25239.37, NAS Comp +83.67 at 7233.20, S&P 500 +18.34 at 2724.83
Volume: Trade on the NYSE came in at 792-M/shares exchanged
Advancers outnumbered decliners on the NYSE by a 2.06-to-1 ratio; on the NAS, a 2.19-to-1 ratio favored advancers on the day.
- Russell 2000 +12.5% YTD
- NAS Comp 10.7% YTD
- S&P 500 +8.7% YTD
- DJIA +8.2% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish in here.
Latest posts by Paul Ebeling (see all)
- The Bull Case for Ferrari (NYSE:RACE) is Strong - February 20, 2020
- F1: Seb Vettel, “Our SF1000 ‘definitely a step up from last year'” - February 20, 2020
- US Economy Roars Because President Trump Shredded Hussein Obama Stagnation Policies - February 20, 2020