By Markus Heitkoetter
Stocks did it again. After opening lower, stocks showed strength by erasing early losses and ending the day at new all-time highs.
The S&P closed at 2052.75, up 4 points. Today’s close was a new all-time high close for the index. The DOW closed at highs of the day up 33 points with a new all-time high close of 17719.
Even the RUSSELL 2000 joined the party…After struggling for the last few days Small Caps and the RUSSELL rallied, ending the day 1.1% higher.
The real question now is will traders hold or sell going into the weekend? With no economic data on the calendar for tomorrow, tomorrow’s trading could set the tone for the short holiday weekend ahead.
Best Buy Co (BBY) ended the day 7% higher after reporting better than expect earnings. Television and tablet sales helped BBY beat earnings and rise to levels not seen since the beginning of the year.
Power Crossover Method traders were within 13 cents of the $36.48 ADR Profit Target yesterday. But today’s open of $37.70 gave traders a chance to do even better.