Broader US stocks close near session highs for the day. Dow closes at a new record
The major U.S. stock indices finished the day near their session highs, with the broader market posting solid gains and two indices reaching record closes.
The S&P 500 rose 86.36 points, or 1.17%, to 7,440.40. The advance pushed the index back above its 100-hour moving average at 7,420.76, a positive technical development. However, the index remains below its 200-hour moving average at 7,462.30, leaving the broader technical picture somewhat neutral heading into tomorrow’s session.
The Nasdaq Composite outperformed, surging 522.53 points, or 2.07%, to 25,820.14. Despite the strong rally, the index closed just below its 100-hour moving average at 25,863.30, leaving buyers with one more hurdle to clear before regaining stronger technical control.
The Dow Jones Industrial Average gained 307.03 points, or 0.59%, to 52,188.21, marking a new record closing high.
Meanwhile, the Russell 2000 edged up just 0.01%, but that modest gain was enough to secure another record close at 3,010.41.
From a technical perspective, the major indices remain somewhat mixed. The Dow and Russell continue to push into record territory, while the S&P 500 and Nasdaq still have nearby moving-average resistance levels to overcome. Tomorrow’s trading could go a long way toward determining whether today’s rally has the momentum to extend further.
This article was written by Greg Michalowski at investinglive.com.