By Markus Heitkoetter
Stocks got off to a nice start with a higher open, but things were quiet in early trading after testing yesterday’s highs. With the E-Mini S&P sideways in an 8.25 point range, it looked like it was going to be a slow day. But an afternoon break through resistance was the catalyst the bulls needed. With room to move, stocks rallied and ended near highs of the day.
The S&P ended 20 points higher with a 1% gain. After a close of 2088.48, the S&P is just 6 points away from the all-time record close.
It was a solid day for the DOW as well. Today’s 110 point gain and close of 17972.38 left the DOW just 28 points away from the psychological 18,000 mark. The DOW is now within reach of its all-time high and record close of 18,103.45 set on 12/26/14.
But the NASDAQ was the big winner today. Up 1.2% the NASDAQ led the major indices. With a close of 4857.61, the NASDAQ is trading at the highest level since March of 2000.
Today’s economic reports did little to help the market. Retail Sales were lower than expected, declining .8% in January, and jobless claims rose by 25,000.
News from Greece helped deflated some concerns overseas after Bloomberg reported that Germany is ready to “soften its negotiating stance” with Greece. But it was probably Apple’s (AAPL) impressive 1.23% gain today that really helped today’s move. After all, when the largest U.S. stock moves, so do the markets!
Pfizer Inc (PFE) had an impressive rally today, up 1.81% for the day. After closing at $34.87 PFE is within striking distance of a PowerX Profit Target at $35.28.
A PowerX Method Buy Signal was identified on 6th Feb 2015.