US stocks roar higher: S&P 500 rises to the highest since June

SPX daily

Fear has turned into FOMO. Bear market rallies can be intense.

A strong ISM services report healed recession fears while a drop in the prices paid component cooler inflation worries. Add in impressive equity momentum and it was a banner day, led by tech.

  • S&P 500 up 64 points, or 1.5%, to 4162
  • Nasdaq +2.6%
  • Russell 2000 +1.4%
  • DJIA +1.4%
  • Toronto TSX +0.3%

In terms of levels, the June high of 4177 is important short-term resistance with many eyes on the 200-day moving average beyond that.

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