Wall Street Hits All-Time Highs, Again!

Wall Street Hits All-Time Highs, Again!

$DIA $SPY $QQQ $RUTX $VXX

Wednesday, Wall Street closed at record highs as news that the coronavirus outbreak could be running out of steam kept buyers buyers.

Tech shares led the broad-based rally, which pushed all 3 major US stock indexes to fresh highs.

The S&P 500 and the NAS Comp have now set closing highs for 3 consecutive sessions.

China reported its lowest number of new coronavirus cases in 2 weeks, the day after Beijing’s senior Chinese medical adviser said the epidemic could be over by April.

The market is relieved over the fact that it appears that new cases of the coronavirus seem to are dwindling

Market participants paid heed to Fed Chairman Powell as he wrapped up his semiannual economic report before Congress, during which he said the central bank was closely monitoring the coronavirus and other threats.

Chairman Powell reassured the market that the Fed is there, willing and ready, if need be, to stimulate the economy.

He reiterated his confidence in the sustainability of the current US economic expansion, now in its 11th year.

The DJIA rose 274.46 pts, or 0.94%, to 29,550.8, the S&P 500 gained 21.63 pts, or 0.64%, to 3,379.38 and the NAS Comp added 87.02 pts, or 0.9%, to 9,725.96.

Of the 11 major sectors in the S&P 500, all but consumer staples ended the session in the Green , with energy , tech and consumer discretionary posting the largest percentage gainers.

Q-4 reporting season: 351 companies in the S&P 500 having posted results. Of those, 70.9% have analyst expectations to the upside, according to Refinitiv data.

Aggregate Q-4 earnings are now seen growing at an annual rate of 2.4%, a turnaround from the 0.3% Y-Y decrease forecast on 1 January

The broader Philadelphia SE Semiconductor index gained 1.4%.

Advancing issues outnumbered decliners on the NYSE by a 1.69-to-1 ratio, on the NAS, a 1.67-to-1 ratio favored advancers.

The S&P 500 posted 71 new 52-wk highs and 2 new lows, the NAS Comp recorded 137 new highs and 50 new lows.

Volume on all US exchanges was 7.40-B shares, compared with the 7.66-B/share average over the last 20 trading days.

  • NAS Comp +8.4% YTD
  • S&P 500 +4.6% YTD
  • DJIA +3.6% YTD
  • Russell 2000 +1.3% YTD

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Very Bullish in here.

Looking ahead: investors will receive the Consumer Price Index for January and the weekly Initial and Continuing Claims report Thursday.

Stay tuned…

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