Here we were again yesterday with huge gains for the major indices to new record all-time highs. It is an unseeingly unstoppable market on the upside…again a hesitant start yesterday was followed by rip-roaring gains as the day moved along. Another comment from the President about lowering taxes seemed to be the mover of the market needle. He indicated a more simplified tax code was on the way. It was the seventh straight day of gains for both the NASDAQ and S&P and the first time in 25 years that the DOW, S&P and NASDAQ have made five consecutive record high closes!
Today, the DOW gained 7 points, the S&P lost 2, and the NASDAQ dropped 4.
Today’s session began mixed with the upside feeling showing itself at 10:30 AM as the Dow charged ahead by 27 points and the S&P and NASDAQ were up by smaller amounts. Economic reports showed that weekly jobless claims rose a bit to 279,000, an advance of 6,000. The February Philadelphia Fed Activity Index rose from 23 to 43, which was the highest level since 1984 and shows an improvement in manufacturing in the mid-Atlantic region. January housing starts declined by 2.6% but building permits, which are an indicator of future activity, rose by 4.6%.
Donald M. Selkin
These are excerpts from Don Selkin’s Daily Market Notes, abbreviated and updated with permission from the author. Don Selkin is the Chief Market Strategist at Newbridge Securities Corporation, member FINRA/SIPC and provides the Fair Value analysis for CNBC each morning. The commentary provided in this Market Letter is intended to provide timely market analysis and should not be considered a research report. This Market Letter may contain, and is limited to: Discussions of broad based indices; Commentaries on economic, political or market conditions; Technical analyses concerning the demand and supply for a sector, index or industry based in trading volume and price; Statistical summaries of multiple companies’ financial data, including listings of current ratings; and, Recommendations regarding increasing or decreasing holdings in particular industries or securities. This Market Letter does not make a financial or investment recommendation or otherwise promotes a product or service of the firm. This Market Letter contains only news, facts, and commentary on information previously reported from a news source believed to be accurate and reliable by the author. These news sources include the following: Bloomberg Financial, Reuters, and the Associated Press.