The Nasdaq Composite closed at a new all-time high on Tuesday, with the S&P 500 not far behind with sentiment brightening sentiment across trading desks.
The tech-heavy Nasdaq climbed 0.7 per cent to 6,025.5 — its first ever close above the 6,000 mark. The small-cap Russell 2000 was up 1 per cent to 1,411.3, having hit an intra-day record earlier in the day. Meanwhile, the S&P 500 gained 0.6 per cent to 2,388.6.
Equities have gotten a boost after the results of the French elections on Sunday eased one short-term risk. At the same time, the Trump administration has been taking an increasingly optimistic tone on tax reform, saying on Monday that it intends to push the corporate tax rate down by 20 percentage points to 15 per cent.
Lower taxes would increase corporate America’s profits and spark higher levels of economic growth, according to analysis from numerous investment banks following the November election. However, the failure of the White House to repeal and replace Obamacare has cast a shadow on the administration’s ability to enact fiscal measures.
Meanwhile, investors continued to unwind positions in havens that were built up ahead of the French vote. The 10-year Treasury yield, which moves in the opposite direction of the price, was up 0.0646 percentage points to 2.338 per cent. Gold slid 1 per cent to $1,263 a troy ounce.
The Nasdaq composite index is ending the day up 1.23% – a record close for that index. The S&P rose by 1.08% and the Dow also gained over 1% (up 1.06%).
3M, Home Depot, Microsoft all traded at record highs.
Today is the biggest one day gain since March 1st.
Nasdaq rose by 73.299 points or 1.24% to 5983.82. The high reached 5989.91, less than 11 points from the Nasdaq 6000. The low was 5970.254.
The S&P index rose y 25.45 points or 1.08% to 2374.15. The high reached 2376.98. The low came in at 2369.19. The all time high for the S&P index came in at 2400.98 on March 1.
The Dow rose by 216.13 to 20763.89. The high reached 20792.20. The low came in at 20723.59. The all time high for the Dow came on March 1st at a high price of 21169.11. Today, the Dow moved back above the 50 day MA at 20717.77. The price has been below that MA since April 12th.
The major US indices are ending the day lower but losses are somewhat modest. Even Trumps claim that big tax cuts are coming next week did not have an impact. France elections this week helped to keep the lid on equities.
For the day:
S&P ended down -0.30% to 2248.69. The high reached 2356.18. The low 2344.51. The index failed to close above the 50 day MA this week at 2357.42 despite a few tries to break back above. That is a little more bearish at the end of the week and something to watch in the early part of next week.
One day after closing at a record level, the Nasdaq is closing at 5910.52 down -6.254 points or -0.11%
The Dow fell by -30.95 points or -0.15%
For the week:
S&P indeix is ending the week with a gain of 0.85%
The US major stock indices are going in the red but well off the lows.
S&P index is closing down -0.29% at 2342.18. The low reached 2334.54. The high peaked at 2348.35
Nasdaq index is ending down -0.12% at 5849.47. The low for the day reached 5828.56 while the high peaked at 5860.04
The Dow fell -113.64 points to 20523.28. The high stalled at 20600.12. The low 20462.28. The Dow was hurt by Goldman Sachs which fell -4.72% and Johnson & Johnson, which was down over 3%. Both had disappointing earnings.
Late day rally takes the major indices to highs. Impressive gains for the day.
The US major indices were given a late day push on comments from Treasury Secretary Mnuchin that tax cuts may still be forthcoming in 2017. That helped the indices to new session highs. We are closing near the day highs as well.
The S&P is closing up 20.06 points or +0.86% to 2249.01. The high reached 2249.14. The low 2332.51. The 50 day MA comes in at 2353.13. A move back above that MA would be more bullish for the S&P
The Nasdaq is closing at 5856.789, up 51.639 points or +0.89%. Like the S&P it is closing at the highs for the day.
The Dow rose by 183.67 points to 20636.92. The low reached 20484.75. The high extended to 20644.41.
S&P down -0.68%. Nasdaq down -0.53%. Dow down -0.67%
The US stocks are ending the session at the lows.
The indices were up marginally earlier in the day. Then a report that the US had dropped the “Mother of all Bombs” on a mountain range in eastern Afghanistan sent both bond yields and stocks lower. President Trump called the bombing a “very, very successful mission”. Wall Street thought otherwise.
The major indices showed:
S&P down -0.68% to 2328.96. The high reached 2348.26
Nasdaq closed at the lows down -31 points to 5805. The high reached 5856 at the peak
Dow closed down 138.61 to 20453. The high peaked at 20612.27.
Yesterday, the S&P closed below its 50 day MA. That MA comes in at 2351.91 today.
The major US stock indices are all closing lower. Moreover the S&P index is closing below it’s 50 day MA for the first time since the 8th of November. The 50 day MA comes in at 2350.92. Yesterday, the price fell below that MA line (it also fell below on March 27th) but recovered by the close. Today, was not so lucky as the price is not only closing below the MA line, but also closing nearer the low.
The Nasdaq is closing down -30.612 points or -0.52%
The Dow industrial average is closing down -59.44 points or -0.29%
For your guide the 50 day MA comes in 5828.43. The index settled at 5826.16 today.