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. Companies hitting new highs included Ford (F), Expedia (EXPE), and Bed Bath & Beyond (BBBY).
Since the middle of the month, the NYSE has gone from a low of 2 new highs per day to hitting 71 new highs on July 23, according to data from Thomson Reuters. It has seen an average of 46 new highs per day in the past 10 trading sessions, levels not seen since September 2008. By contrast, the exchange is having fewer and fewer new 52-week lows. The NYSE had 16 new 52-week lows on July 10, but has only had one or two new lows in each of the past 7 trading days. The ratio of advances to declines hit a peak 11.7 on July 15 further indicating a strong market.