The S&P 500 rose 1.6% Monday in a Bullish start to the week, but it was the NAS Comp (+2.2%) and DJIA (+1.8%) that gained the advantage on the day.
The NAS closed at another record high, the Russell 2000 underperformed the large-cap indices with a 0.8% gainer.
10 of the 11 S&P 500 sectors finished in the Green, including the consumer discretionary (+3.2%), communication services (+2.2%), financials (+2.0%), and information technology (+1.8%) sectors atop the standings. The utilities sector (-1.3%) was the lone holdout with a 1.3% decline.
The Bullish bias was triggered overseas when a front-page editorial a Chinese state-run new outlet implied that a “healthy Bull market” is imminent.
China’s Shanghai Composite surged 5.7% Monday. Here are the Asia-Pacific results. The EU markets followed suit.
The US stock market saw a big bump after the ISM Non-Manufacturing Index for June returned to Strong expansionary territory with a 57.1% reading. C-19 coronavirus fear mongering has been tuned out as Fake news.
The trend is up and as the old Wall Street adage says, “the Trend is your Friend.”
Monday, the major US stock market indexes finished at: DJIA +459.67 at 26287.05, NAS Comp +226.02 at 10433.65, S&P 500 +49.71 at 3179.59
Volume: Trade on the NYSE came in at 1.1-B/shares exchanged
- NAS Comp +16.3% YTD
- S&P 500 -1.6% YTD
- DJIA -7.9% YTD
- Russell 2000 -13.5% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish across the board with a Very Bullish bias in here.
Looking Ahead: Investors will receive the JOLTS, Job Openings report for May Tuesday
Have a healthy day, Keep the Faith!