[Chart courtesy of MarketWatch.com]
- Moving the Markets
And the theme continued with the major indexes slowly but surely scoring another round of records, as the Dow closed within spitting distance of a new milestone marker, namely the 23,000 level. All of this came in anticipation that the upcoming earnings season won’t disappoint but to also confirm that the current lofty market levels are justified.
Comments from President Trump on tax cuts and healthcare issues after a meeting with Senate Majority leader McConnell did not affect markets, although the issues discussed are very critical for the continuation of bullish momentum.
Equity ETFs were a mixed bag today with a number of them ending unchanged. On the winning side of the column, we saw Semiconductors (SMH) with +0.54% and LargeCaps (SCHX) with +0.15%. Closing in the red were Transportations (IYT) and International SmallCaps (SCHC) with -0.78% and -0.30% respectively.
Interest rates rose today with the 10-year bond yield adding 2 basis points to 2.30%. Gold slumped and gave back its recently conquered $1,300 level, while crude oil gained +0.80%. The US dollar (UUP) jumped +0.25% in an effort to remain above its 50-day Moving Average, a level that was broken intra-day last Friday. The major trend remains bearish.