By Markus Heitkoetter
The S&P traded higher for the third consecutive day this week. The S&P closed just below its all-time high and ended the day 5 points higher. With today’s gain the S&P is less than 14 points away from 2000.
However, stocks in general were mixed. The DOW led U.S. indices with a 59 point gain. But the RUSSELL and NASDAQ ended today’s session in negative territory. The RUSSELL ended the day -.43% lower and the NASDAQ was just under the breakeven mark at -.02%.
Today’s Fed Minutes revealed that fed officials are ready to start talking about raising interest rates, BUT most fed officials want to wait for more evidence before changing their mind on interest rates. Stocks initially reacted negatively to the minutes release. But in the end stocks rallied and ended near session highs.
Lowe’s Companies Inc (LOW) traded higher after reporting better than expected earnings numbers. After gapping lower at the open, LOW rallied and ended the day +1.57% higher. Today’s rally was JUST enough to take out a Power Crossover Method ADR Profit Target at $52.24.