The S&P 500 is now up over 11% year-to-date and up over 50% since the March lows. By comparison, the utility sector is down over 1% YTD and up ~30% since its March low and has been the second worst performing sector of this rally (only telecom is worse).
With the NASDAQ enjoying a sizable surge over the past couple of months, momentum plays seem to be back on the radar for many investors.
The Dow, S&P 500 and Nasdaq Composite are trading at levels not seen since the Fall of 2008. As the stock market gains steam, the following statistic may provide guidance to investors as per where the markets stand relative to previous levels.
The U.S. Dollar continues its slide, with the Dollar Index falling to its lowest levels since the end of September. Capitalizing on this dollar weakness are commodities.
Now that we closed July and the U.S. major Indexes rose more than 7% last month with the Dow posting its best July since 1989, let's take a look forward. Here are the historical averages for the Dow, S&P, and Nasdaq Composite for August. Historically and on average, the Dow has fared best of the major indexes in August as it has been up 64% of the time during this month.
US markets hit the highest levels of 2009 enforcing a summer rally, and turned in the best July since 1989 for the Dow, and 1997 for the S&P and Nasdaq. Additionally, July was the best monthly performance for the Dow since October, 2002, and April, 2009 for the S&P and Nasdaq.
As highlighted yesterday, the stock markets have been on fire this July, turning up the summer heat with the Dow and S&P now on pace for their best July in twenty and twelve years respectively. For the month (as of the close today), the Dow is up 8.6%, the S&P is up 7.4%, and the Nasdaq is up 7.8%.
As the markets continue to surge ahead, the equities on the Nasdaq and New York Stock Exchange continue to hit new highs. 61 companies on the NYSE and a whopping 116 companies on the Nasdaq hit new 52-week highs yesterday.
As of 2pm, MTD the Dow, S&P and NASDAQ were up 9.3%, 8.2% and 8.9%. This would put the Dow on track for its best July since 1939.
On Friday, July 24th, the S&P 500’s 100-day moving average overtook its 200-day moving average, an event known to Wall Street technicians as a Golden Cross (a shorter-term average crossing a longer-term one, from below to above). A month ago, we saw another Golden Cross, when the 50-day average moved above the 200-day average.
So far this quarter, only one S&P healthcare company, Aetna, has missed its consensus EPS estimate. This week there are over 20 more healthcare companies reporting. Yesterday after the bell Amgen blew the cover off the ball with a 40% rise in earnings and this morning, Teva Pharmaceuticals beat by three cents per share.
In the final minutes of trading the bulls foiled the bears and sent both the S&P 500 and Dow higher as investors rotated into financials...
Last Thursday (7/23/2009), the Dow crossed above 9,000 for the first time since November 5, 2008. Despite this apparent milestone, historically, crosses above a round “thousand threshold” do not necessarily translate into continued momentum for the index.
Since earnings season began with Alcoa's report on July 8, the S&P 500 has rocketed off a short-term low by 11 percent.
All the major US indexes were up 4% or greater for the week, after closing roughly flat for the day on Friday. The Dow crossed and remained above 9,000 on Friday, posting its best 2-week percent gain since late March 2000.
Yesterday’s 2% gains capped an impressive 9-day run for the markets that has brought the Dow back above the 9,000 mark for the first time since early January. All three major indices (Dow, S&P, and Nasdaq) now have rallied to their highest levels since the Fall, with the Dow and S&P rising 11% and the Nasdaq gaining 12% during that 9-day period.
The equity rally has legs and the Nasdaq Composite is now up above 1960 and up for 12 straight days (~12.5% over the period). The last time the Nasdaq closed above 1960 was on 10/2/2008. Here are the biggest streaks ever for the Nasdaq.
Earnings keep coming in better than expected. After the big drops we saw in the last couple of quarters, estimates are looking a bit conservative. As of yesterday, 71% of the S&P companies reporting to date, have beaten the street. So how does an investor find opportunities? One trick is to look at the details of some of the winners to identify patterns that may be applied to companies yet to report.
If the market doesn't start to hustle now, the S&P and Dow are likely to fall from here onwards, and we could see a new bear-market low, Chris Locke, MD of Oystertrade.com Management said Wednesday.
Last night on CNBC Reports, I ran a stock screen on 150 companies scheduled to report earnings between today and Friday. Here are the 11 companies that came up and deserve a deeper look.