Momentum Monster, Stocks Advance, Profits Increase
The bulls are in full control of the stock market. Shares pushed higher today on better than expected results from consumer and industrial names. Today is the 27th consecutive session of the S&P 500’s 14-day Relative Strength Index being above 65. This is the longest run in 27 years. A true momentum monster is rolling in the market. A full slate of earnings should decide the fate of the remainder of the week, barring any outside shocks. The DJIA closed higher by +13.45 to 11019.42, the tech heavy Nasdaq advanced +8.12 to 2465.99 and the broad based S&P 500 added +0.82 to 1197.30.
^AA^: Shares slipped 1.58% or 23 cents to $14.34 after the company’s sales disappointed analysts.
^FAST^: Climbed 2.12% or $1.10 to $53.00/share as profits beat projections.
^HD^: Shares advanced 2.57% or 86 cents to $34.34.
^INTC^: Reported a record first quarter with an EPS of 43 cents sending shares higher by 1.02% or 23 cents to $22.77.
Oil fell 54 cents to $83.80, gold gave back $9.70 to $1153.00 and the VIX gained 3.98% to 16.20.
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