rode a bullish wave to new heights today. At the end of the session, the Dow Jones Industrial Average rose 109 points to set an all-time closing high of 17,266. Not to be outdone, the S&P 500 pushed to its own record-setting high of 2,011, following a nine point gain. Meanwhile, the NASDAQ tacked on a very healthy 31 points. The NASDAQ remains below the peak reached more than 14 years earlier, but is increasingly showing signs that it may eventually pass that high-water mark, assuming market fundamentals remain support.
The U.S. stock market
put in a choppy, but somewhat constructive, session today. At the close of the day, the Dow Jones Industrial Average was up 25 points; the broader S&P 500 Index rose three points; and the NASDAQ tacked on 10 points. Further, the Russell 2000, a small cap index, performed nicely.
It was a bit of a rollercoaster ride for those long equities
today. The major U.S. equity indexes
started the session to the downside, but after that sluggish start reversed course about 90 minutes into the session and then rose sharply. Leading the charge higher was the Dow Jones Industrial Average, which was able to overcome a nearly 50 point drop early in the session and then hit a new intra-day all-time high.
If investors were to take a quick glance at the major equity indexes
, they would probably come away with the conclusion that it was a mixed session on Wall Street today, based on data that showed the Dow Jones Industrial Average rose 44 points, while the NASDAQ fell 49 points. However, a closer examination reveals that there was a definite bearish tone to trading, punctuated by the aforementioned difficult day for the NASDAQ and notable setback for the Russell 2000.
Stocks closed down on Friday
, and on a weekly basis
for the first time since
, as concerns
about higher interest rates
and global uncertainties
took a toll on investor sentiment. Losses at the close amounted to 61 points on the Dow Jones Industrial Average, pushing it slightly under the celebrated 17,000 level, 24 points on the NASDAQ, and 12 points on the S&P 500. Market breadth was decidedly weak, with decliners outpacing advancers by a wide margin.
Some late buying allowed several
of the major stock market averages
on a firm note
today. At the end of the day, the Dow Jones Industrial Average was down only 20 points, after being off as much as 85 points, while the NASDAQ and the S&P 500 managed to finish with modest gains, after being in the red for most of the session. Market breadth turned broadly positive late in the day, too.
The U.S. stock market
got off to a weak start
this morning, but managed to reverse course
and head nicely higher
. At the close of the session, the Dow Jones Industrial Average was up 55 points; the broader S&P 500 Index was ahead seven points; and the NASDAQ, which led the charge today, was in the black by 33 points.
on Wall Street
today turned quite bearish
in the final few hours of the trading session. After a half-hearted attempt by the bulls midway through the session to stem the initial bearish tide, the bears stepped up again and the selling actually intensified into the close. Our sense is that the lack of news on both the economic and earnings fronts has made it difficult for traders to find a catalyst to push equities higher.
The first day
of a trading week
that will be short on both earnings and economic news, save for Friday’s report on retail sales, was a mixed one
for equities, but had a somewhat bearish undertone to it. After a directionless morning of trading, which actually saw the tech-heavy NASDAQ start nicely to the upside, the selective selling picked up considerably in the early afternoon hours on the East Coast, but the bulls did mount a counterattack in the last hour to mostly even the score with the bears.
It was a seesaw session
of trading to end what could be termed a blasé four-day stretch
on Wall Street
. It seems that complacency among traders has become the norm these days, with neither major news from the U.S. business beat nor from the international community—and we had such on each account this week—igniting a fire under traders. All week long, trading volume was low and the moves were quite muted, despite some noteworthy headlines, including today’s much anticipated report on the U.S. labor market.