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US equities close higher again with a strong finish to cap a great week

  
Analysis, US Market
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US equity performance on Friday

  • S&P 500 up 13 points to 3329 or +0.4%
  • DJIA +0.2%
  • Nasdaq +0.3%
On the week:
  • S&P 500 +1.9%
  • DJIA +1.8%
  • Nasdaq +2.3%
The gains have been non-stop in large caps but it hasn’t been quite the same party in small and mid-caps. I’ll be watching the Russell 2000 in the weeks ahead as it approaches resistance.
US equity performance on Friday

Overnight US Market : Major indices close at record levels and near intraday highs

  
Analysis, US Market
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NASDAQ index rises 1.06% as buying continues

The major US indices are closing at record levels and near session highs as well.
The final numbers are showing:
  • the S&P index up 27.61 points or 0.84% at 3316.89. The high reached 3317.11. The low extended to 3302.82
  • the NASDAQ index rose 98.438 points or 1.06% at 9357.13. The high was at 9357.92. The low extended to 9301.32
  • The Dow rose 267.35 points or 0.92% at 29297.53. The high reached 29243.00. The low extended to 29131.95

Happy days are here again and again and again.

Dow record close today. Closes above the 29,000 level.

  
Analysis, US Market
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S&P index and NASDAQ eked out a small gains but off highs

The down industrial average closed above the 29,000 level for the 1st time and close at a record high level. The S&P index also closed at a record level with a modest 6.21 point gain.
The final numbers are showing:
  • S&P index +6.21 points or 0.19% at 3289.36. The high price reached 3298.66. The low extended to 3280.69
  • NASDAQ index closed up 7.366 points or 0.08% at 9258.69. The hi reached 9298.824. The low extended to 9231.137
  • The Dow closed at 29030.83. That was up 91.16 points or 0.31%. The high reached 29127.59. The low extended to 28897.35.

JP Morgan technical analysis says S&P500 not even close to a bubble – more to go

  
Analysis, US Market

Bloomberg with an extract from a JPM note on the stock market, arguing the S&P 500 in not overextended yet.

  • “The index would have to meet or exceed 3,700 in the second half of the year for the 12-month growth rate pattern to line up
  • The 2017-2019 S&P 500 growth rate arguably matches the performance leading up to prior bubble formations. However, the most important phase and yearlong period of elevated performance still needs to develop before we would classify price action as a bubble.”
O
K
then …

S&P 500 falls 5 points after touching record

  
Analysis, US Market

Tariff story turned markets

Maybe markets had run too far or maybe they turned on a report saying there was no agreement to further reduce US tariffs on China as part of the deal. That’s not a surprise but it was a reminder that it’s not exactly peace-and-love between Beijing and Washington. The signing ceremony and deal publication are tomorrow.
  • S&P 500 down 5 points to 3283 after hitting record 3294
  • DJIA +0.1%
  • Nasdaq -0.2%
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