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Markets Producer
Stringing Together Smaller Gains
The markets continued to inch up yesterday, posting gains for the seventh time in 8 days and are looking up again this morning on the open. . While the Dow [.DJIA
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] and S&P [.SPX
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] have mostly been up fractionally on those days over the past couple of weeks – string together those smaller gains, and notice they have rallied a notable 4% and 6%, respectively, since September 2.
Small Stocks Coming Up BIG
This leg of the rally continues to be broad-based. Smaller stocks have been far outperforming larger stocks since September 2, with the small cap Russell 2000 [.RUT
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] index climbing 9% and the large cap S&P 100 index rising 5% in that period. This extends the outperformance of small caps since the beginning of the summer rally, with the Russell 2000 now up 26% and the S&P 100 up "just" 18% since July 10.
More impressively, the Russell 2000 is currently up 76% since the March bottom, besting the Dow Industrials (up 48%), S&P 500 (up 56%), and the Nasdaq Composite [COMP
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] (up 66%) during that time. Nevertheless, each of the four indices is at its highest levels since October.
Rising to New Highs, New Highs Abound
Amid the markets’ new highs, a large number of NYSE stocks hit their own individual highs yesterday. At the Big Board, 105 stocks are at levels they haven’t seen since last year. This marks the highest number of NYSE new highs since last September. Among the prominent names at the NYSE: Goldman Sachs [GS
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], 3M [MMM
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], Western Digital [WDC
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], Coach [COH
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], TJX[TJX
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], Micron [MU
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], Motorola [MOT
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], Owens Illinois [OI
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], Viacom [VIA
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], and Visa [V
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].
Not to be left out…108 stocks on the Nasdaq saw new highs yesterday too, as the number of individual new highs on the Nasdaq approaches the highs from late July. Some big tech names are included: Apple [AAPL
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], eBay [EBAY
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], Google [GOOG
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], Seagate [STX
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], NVIDIA [NVDA
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], and Ciena [CIEN
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].
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