Nasdaq surges more than 1% to take out 2021 record, S&P 500 closes above 5100 for the first time

[dgordo]

The Nasdaq Composite rose to an all-time high Friday, surpassing its 2021 record, as investors bet that megacap technology stocks were the best way to play slowing inflation and a coming artificial intelligence boom.
The tech-heavy Nasdaq rose 1.1% to reach an all-time high, after recording a record-high close Thursday. The S&P 500 added 0.8% and also hit a new intraday high. The Dow Jones Industrial Average gained 107 points, or around 0.3%.

Chipmaking giant Nvidia, which has led the tech rally by surging 260% over the last 12 months, was up another 3.5% Friday. Meta also jumped more than 2% for the day.
The Nasdaq was the last of the major U.S. stock benchmarks to reach a record close this year, when it achieved the milestone Thursday. Enthusiasm over AI has lifted mega-cap tech stocks – and the broader market – through 2023 and into this year. Slowing inflation, and the Federal Reserve’s ensuing pivot toward rate cuts forecasted for later in 2024, have also contributed the Nasdaq’s recovery from a difficult 2022.

On a weekly basis, the Nasdaq is up 1.7%, while the S&P 500, which also popped to a record close on Thursday, is tracking for a roughly 1% advance. This puts the two indexes on pace for their seventh positive week over the last eight. The 30-stock Dow is the laggard, down 0.1%.
Stocks gained even as troubled regional bank New York Community Bancorpdeclined 24% after the lender announced a leadership change and disclosed issues with its internal controls. The bank is already down more than 63% in 2024 with some investors concerned it is a sign of a wider real estate shakeout ahead.
Data released Thursday showed the personal consumption expenditures price index excluding food and energy, the Federal Reserve’s preferred gauge, rose 0.4% in January, in line with expectations.

 

[IAHawk2011]

Thanks a lot, Joe.

 

[dgordo]

S&P 500 jumps 1% for fresh closing record, Nasdaq pops 1.5% to touch all-time high​

Stocks rose Thursday, pushing the S&P 500 and Nasdaq Composite back to record highs, as hope over easing inflation and gains in tech aided Wall Street’s midweek bounce.

The broad S&P 500 advanced 1%, while the tech-heavy Nasdaq Composite climbed 1.5%. Both more than erased losses that pulled the pair off record levels earlier in the week. The Dow Jones Industrial Average gained 117 points, or 0.3%.

Information technology and communication services stocks led the S&P 500 to that record. Intel was the best performer in the Dow with a gain of more than 3%.

Investor optimism was boosted after the European Central Bank lowered forecasts for annual inflation and growth on Thursday, though the bank also held key interest rates steady. That can be taken as a positive signal on the international inflation front.

The ECB’s announcement comes after Federal Reserve Chair Jerome Powell told Congress on Wednesday that he expects interest rates to come down this year. While Powell said that the Fed was not immediately ready to begin cutting, he told the Senate Banking Committee on Thursday that the central bank isn’t farfrom having the confidence it needs on inflation to start.

“The market was expecting it — and they’re finally hearing it from Fed officials,” said Adam Turnquist, chief technical strategist at LPL Financial, of Powell’s commentary around interest levels. “It just adds to the confidence that rate cuts are coming.”

Thursday’s advance adds to the gains seen Wednesday, which was the first winning day of the week for any of the three major averages. Despite the tough start to the week, the S&P 500 was now up 0.4% this week and on track to surpass Friday’s record close. The Nasdaq was near flat on the week, while the Dow was still down around 0.6%.

The Nasdaq was helped by a gain of more than 3% in Nvidia, the artificial intelligence darling whose shares have climbed more than 11% this week. Applealso rose in the session, on pace to snap a six-day losing streak.

Investors are awaiting Friday’s U.S. jobs report for insights into the state of the labor market, which has shown resilience despite higher interest rates.

 

[NorthernHawkeye]

Great news, but unfortunately only for some Americans.

 

[CoachH]

Great news, but unfortunately only for some Americans.

Probably better for more republicans than democrats though, for the most part?

 

[B1GDeal]

Great news, but unfortunately only for some Americans.

Something about bootstraps, right?

 

[onlyTheObvious]

Great news, but unfortunately only for some Americans.

I decided to get a double king cab 4x4 with wet bar instead of investing a few dollars a month in the stock market.

I needed it to drive to work. Besides, the payments were not bad with 0.25% down payment and 84 month loan.

 

[95Hawk]

It’s Trump’s polling numbers.

 

[Dr. Spaceman]

Great news, but unfortunately only for some Americans.

Sorry you're bad with money?

 

[NorthernHawkeye]

Sorry you're bad with money?

Oh, we're just fine.

 

[MitchLL]

S&P has already hit the end of year target for many of the stock market gurus.

Some have now set 5800 as the new target.

This, after a 26% gain in 2023.

Just an unbelievably strong market and arguably, the greatest economy ever.

 

[lucas80]

Great news, but unfortunately only for some Americans.

Sorry that you're a poor.

 

[lucas80]

I got into it with some of my MAGA friends on Sunday. I sent a picture of Mrs. Lucas and myself at Sloan Park watching a Cubs ST game, we're all Cubs fans, and we've spent a lot of days and nights in the bleachers at Wrigley. 2 of them immediately went on a rant about how Biden's inflation is destroying America, and asking me how I could possibly afford to have gone to a game? I was watching the game so I missed the 27 messages they sent which turned from Biden bashing to trying to set up which weekend we should meet in Chicago this year? I had a good laugh at them, and asked them if they could afford a trip to Chicago at all given how dire their financial situation is. The messages stopped.
Piss and moan, piss and moan, but the truth is things are pretty good.

 

[MitchLL]

Just has to piss off Republicans who might have actually believed DJT in 2020 that the stock market would collapse if JB was elected.

Most everyone with a job should be benefitting from the current situation and retired Mericans really have to be smiling.

Just wait until the expected interest rate cut...now rumored for June!!!!!

 

[NorthernHawkeye]

Most everyone with a job should be benefitting from the current situation

How so?

 

[kcnole63]

Great news, but unfortunately only for some Americans.

Bless your heart.

 

[markfromj]

Great news, but unfortunately only for some Americans.

Like, 70%.

 

[MitchLL]

How so?

Medical plans, retirement benefits, and a healthy job market with options if someone wants to switch professions.

You know...the obvious stuff!

 

[Joes Place]

Great news, but unfortunately only for some Americans.

You'd be jizzing all over yourself if this were Trump's economy.

And blaming the Americans "missing out" for being lazy.

 

[The Tradition]

Thanks a lot, Joe.

Yeah, investors are giddy that Trump is going to retake the White House.

 

[IAHawk2011]

Yeah, investors are giddy that Trump is going to retake the White House.

Yeah, the stock market went into “up only” mode 13 months away from the election because investors thought that Trump would win. That’s definitely it.

 

[Dr. Spaceman]

Yeah, the stock market went into “up only” mode 13 months away from the election because investors thought that Trump would win. That’s definitely it.

He gets dumber everyday.

 

[joelbc1]

This market push for the past 2 years is because America is excited about trump being the next President, right?

 

[luvmyhawks]

S&P has already hit the end of year target for many of the stock market gurus.

Some have now set 5800 as the new target.

This, after a 26% gain in 2023.

Just an unbelievably strong market and arguably, the greatest economy ever.

5800 would be fan ****ing tastic.

It was 24% last year, not 26.

 

[luvmyhawks]

I got into it with some of my MAGA friends on Sunday. I sent a picture of Mrs. Lucas and myself at Sloan Park watching a Cubs ST game, we're all Cubs fans, and we've spent a lot of days and nights in the bleachers at Wrigley. 2 of them immediately went on a rant about how Biden's inflation is destroying America, and asking me how I could possibly afford to have gone to a game? I was watching the game so I missed the 27 messages they sent which turned from Biden bashing to trying to set up which weekend we should meet in Chicago this year? I had a good laugh at them, and asked them if they could afford a trip to Chicago at all given how dire their financial situation is. The messages stopped.
Piss and moan, piss and moan, but the truth is things are pretty good.

I am not sure what is more shocking here. You having maga friends or the fact that your maga friends aren’t too scared of Chicago to make it to a cubs game.

 

[MitchLL]

5800 would be fan ****ing tastic.

It was 24% last year, not 26.

Thank you for the correction.

The 5800 sounds a bit optimistic to me given an election year, but I think 5500-5600 is doable.

 

[luvmyhawks]

Thank you for the correction.

The 5800 sounds a bit optimistic to me given an election year, but I think 5500-5600 is doable.

It is. However, I certainly didn’t think we would be setting new records early this year at the start of last year, yet, here we are. So…

 

[Chishawk1425]

It is. However, I certainly didn’t think we would be setting new records early this year at the start of last year, yet, here we are. So…

Presidential stability means everything so yea

 

[dgordo]

Dow jumps more than 200 points, S&P 500 pops 1% for new closing high​

Stocks jumped Tuesday after fresh U.S. inflation data was about in line with expectations, clearing the way for investors to resume buying high-flying tech names such as Nvidia and Meta Platforms.

The Dow Jones Industrial Average gained 235.83 points, or 0.61%, to close at 39,005.49. The S&P 500 ticked up 1.12% to finish the session at 5,175.27, surpassing the previous record high close from March 7. The Nasdaq Composite
advanced 1.54% to 16,265.64.

Shares of chipmaker Nvidia climbed more than 7%. Microsoft gained 2.6%, and Meta popped 3%. Oracle
surged more than 11% after beating Wall Street earnings estimates.

″It’s proving difficult to see what may stop the market’s momentum, as earnings, inflation, and interest rates are moving in the right direction,” said Skyler Weinand, chief investment officer at Regan Capital.

The consumer price index climbed 0.4% in February and 3.2% year over year, the Bureau of Labor Statistics said on Tuesday. Economist polled by Dow Jones expected a 0.4% increase last month and 3.1% year over year, respectively. Core inflation, which strips out food and energy from the headline reading, climbed 0.4% in February, compared to a forecast gain of 0.3%.

Investors weren’t overly concerned the report would change expectations of the Federal Reserve cutting rates in June. That said, central bank’s path to a 2% target could remain “choppy,” according to LPL Financial chief economist Jeffrey Roach.

“The inflation experience is a bit like the concentration in the equity markets right now,” Roach said. “Outside of shelter and gas prices, inflation would be benign.”

Investors now turn their attention to the producer price index report due this week and the Fed’s next monetary policy meeting later this month.

 

[Joes Place]

Dow jumps more than 200 points, S&P 500 pops 1% for new closing high​

Stocks jumped Tuesday after fresh U.S. inflation data was about in line with expectations, clearing the way for investors to resume buying high-flying tech names such as Nvidia and Meta Platforms.

The Dow Jones Industrial Average gained 235.83 points, or 0.61%, to close at 39,005.49. The S&P 500 ticked up 1.12% to finish the session at 5,175.27, surpassing the previous record high close from March 7. The Nasdaq Composite
advanced 1.54% to 16,265.64.

Shares of chipmaker Nvidia climbed more than 7%. Microsoft gained 2.6%, and Meta popped 3%. Oracle
surged more than 11% after beating Wall Street earnings estimates.

″It’s proving difficult to see what may stop the market’s momentum, as earnings, inflation, and interest rates are moving in the right direction,” said Skyler Weinand, chief investment officer at Regan Capital.

The consumer price index climbed 0.4% in February and 3.2% year over year, the Bureau of Labor Statistics said on Tuesday. Economist polled by Dow Jones expected a 0.4% increase last month and 3.1% year over year, respectively. Core inflation, which strips out food and energy from the headline reading, climbed 0.4% in February, compared to a forecast gain of 0.3%.

Investors weren’t overly concerned the report would change expectations of the Federal Reserve cutting rates in June. That said, central bank’s path to a 2% target could remain “choppy,” according to LPL Financial chief economist Jeffrey Roach.

“The inflation experience is a bit like the concentration in the equity markets right now,” Roach said. “Outside of shelter and gas prices, inflation would be benign.”

Investors now turn their attention to the producer price index report due this week and the Fed’s next monetary policy meeting later this month.

Goddamn Bidenomics!!!!

 

[Here_4_a_Day]

Nothing to see here.....markets are just pricing in a big Trump win in November!!

 

[EasyHawk]

We can't afford NOT to vote Biden 2024!

 

[Funky Bunch]

We can't afford NOT to vote Biden 2024!

Didn't you hear? This is all due to an expected Trump presidency

 

[MitchLL]

My RMDs get bigger by the month starting next year.

 

[Here_4_a_Day]

My RMDs get bigger by the month starting next year.

You should see a proctologist soon!

 

[dgordo]

S&P 500 hits new record close, Dow notches best day in nearly a month as Wall Street awaits Fed's interest-rate decision​

By Isabel Wang
U.S. stocks finished higher in a volatile session on Tuesday as investors geared up for the Federal Reserve's interest-rate decision tomorrow.
The S&P 500 rose 29.09 points, or 0.6%, to end at 5,178.51, its new all-time high. It was the 18th record close for the large-cap benchmark index so far in 2024, according to Dow Jones Market Data.
The Dow Jones Industrial Average was up 320.33 points, or 0.8%, to finish at 39,110.76. The blue-chip index booked its largest one-day point and percentage gains since February 22, according to Dow Jones Market Data.
The Nasdaq Composite rose 63.34 points, or 0.4%, ending at 16,166.79.
The Federal Reserve Open Market Committee kicked off its two-day policy meeting on Tuesday. Policy makers will announce their rate decision on Wednesday at 2 p.m. Eastern time. Fed Chair Jerome Powell will hold a press conference at 2:30 p.m. to discuss the decision and provide information on the central bank's outlook.

 

[noStemsnoSTICKS]

Nice work, Brandon.