That’s 47 This Year
Say what you will but there is no denying that strength of this bull market. Tuesday October 10 the Dow saw its forty seventh record close for the year as it ended higher. There’s optimism building even more as a new earnings season is upon us. There may be sound insight into the status of most US corporations with this coming down the pipe.
So where are stocks headed? Let’s take a quick report of where things are currently. The Dow Jones Industrial Average jumped by roughly 0.30 percent and closed the day at 22,830.68. For the S&P 500 Index, it finished out the day at 2,550.64, which was up about 0.20 percent. The Nasdaq Composite Index also soared on Tuesday and negated previous losses to close up over seven and a half points at 6,587.25.
Also keep in mind that all three of these benchmarks hit new highs as far as intra-day trading goes. A recent uptrend in stocks was echoed by the S&P 500. It has jumped up in nine of the last eleven trading sessions. The Nasdaq also boasts a solid breakout streak after gaining ground in ten out of the last eleven sessions.
Some of the biggest movers came from consumer staples and many outlets like Wal-Mart, for example, saw a boost in e commerce sales to help juice up the financials. It also helps that the company announced a multi billion dollar share buyback program as well.
“We think valuations are fair and we’re not expecting any big surprises out of earnings season, which should be pretty strong,” said Michael Matousek, head trader at U.S. Global Investors Inc. “I don’t think we’re going to see major moves to the upside or the downside until earnings, because people are waiting to see where major companies like Facebook Inc. come in, but there is optimism.”