By Markus Heitkoetter
The week started with everyone wondering WHEN (and if) the S&P and DOW would make new all-time highs.
And it’s now official…it took just one trading day for the S&P and DOW to enter uncharted territory and make new entries in the record books!
There was little fanfare in early trading, as stocks spent most of the morning session in a sideways range. But an afternoon rally was all it took to send stocks to record levels.
At the end of the day the S&P was trading 6.5 points higher. With a .3% gain the S&P closed at 2129.20, a new all-time high.
The DOW ended the session with a 26 point gain. With a .14% increase the DOW finished with a new record close of 18298.88.
Today’s rally was broad market rally was highlighted by moves in the NASDAQ and RUSSELL. With today’s .6% increase the NASDAQ closed at 5078.44, just .8% below the high set in April.
But it was the RUSSELL and small cap stocks that had the best performance of the day. The RUSSELL ended the session with a 1.09% gain.
It was a quiet day for economic news with no major economic reports. We’ll have Building Permits released tomorrow at 8:30am. Traders will then turn their attention towards Wednesday’s FOMC Meeting Minutes released at 2pm ET.
Johnson & Johnson (JNJ) welcomed the new week with a 1.09% rally and close of $103.42. Today’s move higher was enough to take out a PowerX Method ADR Profit Target at $103.78.
A PowerX Method Buy Signal was identified on 12th May 2015 to kick off this nice 3 day rally.