Wall Street Extends Gains, Big Caps Lead Sidelined Money In

Wall Street Extends Gains, Big Caps Lead Sidelined Money In

$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.

US stocks have been driven North this year by the Fed’s new be “patient” policy with further interest rate hikes in addition to signs of progress in US-China trade talks.

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.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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