Yesterday, the extended stock market record streak came to an end. The DOW made a feeble attempt at a very small gain around 11 AM before declining…then spent the rest of the day in negative territory. The S&P was down by 6 to 2365 while the NASDAQ was lower by 36.
What a difference a day makes!
Today, the Dow crossed the 21,000 mark for the first time ever. President Donald Trump’s measured tone in his first speech to Congress lifted investor optimism and bank stocks surged on hopes of an interest rate hike this month.
Trump on Tuesday said he wanted to boost the U.S. economy with “massive” tax relief and make a $1 trillion effort on
infrastructure, bets that have helped Wall Street scale new records since the November election.
With an hour to go in today’s session, the DOW is currently ahead by 332 points, the S&P has jetted up 34, and the NASDAQ has climbed above 5,900 with a gain of 77 points so far today. More information about this incredible run-up tomorrow. Stay tuned.
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.