By Markus Heitkoetter
Today we saw another massive market rally across the board!
Yesterday the major indices already posted 1% gains, and today all indices added at least another 1% to yesterday’s gains.
All indices are making new 2016 highs, as the S&P 500 is now up more than 270 points from February 11th low of 1810, the DOW up over 2,450 from January low of 15,450 (only 100 away from 18K, a level not seen since July 2015), and the Nasdaq Composite up around 725 points from Feb low of 4,209.
It seems the path of least resistance remains to the upside!
Here’s where the major indices ended the day:
The S&P finished with a 1.0% gain. Up 20 points, the S&P ended at 2,082.
The DOW ended 1.06% higher. Adding 187 points, the DOW closed at 17,908.
The NASDAQ was up 1.55%. With a 75 point gain, the NASDAQ finished at 4,947.
Crude Oil (CL) couldn’t hold on to yesterday’s gains. Yesterday CL had it’s best close of the year, but today it fell 1.0% to $41.70 per barrel. The reason for the drop were inventory reports from API and EIA: Both reports show higher Crude Oil inventories as anticipated.