S&P 500 Sets a new all time High in today’s trading session ending at record high for 28th time this year.
Markets continued to rise today with investors displaying confidence in what Fed Chair Yellen will say tomorrow in Jackson Hole. As well the German manufacturing purchasing managers index jumped to 58 for August from 55.8 in July marking the highest level since April 2010. Investors take-away appears to be that the slowdown in Germany will be short-lived. As well new home sales rose for a fourth straight month.
S&P 500 1,992.37 +5.86 +0.29%
DOW 30 17,039.49 +60.36 +0.36%
NASDAQ 4,532.10 +5.62 +0.12%
Russell 2000 1,160.03 +2.52 +0.22%
Despite the gains in equities, Treasuries maintained a bullish bias throughout the session. The 10-yr note added seven ticks with its yield slipping two basis points to 2.41%.
Volume remained below average with 550 million shares changing hands at the NYSE.
Economic data included Initial Claims, Existing Home Sales, Philadelphia Fed Survey, and Leading Indicators:
The initial claims level fell to 298,000 from an upwardly revised 312,000.
The Department of Labor reiterated that there were no special factors that influenced the initial claims level, suggesting the reading resulted from an improvement in labor market conditions
Existing home sales increased 2.4% to 5.15 million SAAR in July from a slightly downwardly revised 5.03 million SAAR (from 5.04 million) in June.
This was the fourth consecutive monthly gain and contrasted with the downward move in both the Pending Home Sales Index and MBA Mortgage Purchase Index
Sales are down 4.3% from a year ago
The Philadelphia Fed’s Business Outlook Survey increased to 28.0 in August from 23.9 in July.
The strength in the headline result gains came from the average workweek index (13.3 from 12.5) and inventories (8.3 from 4.8)
The Conference Board’s Index of Leading Indicators increased 0.9% in July after increasing an upwardly revised 0.6% (from 0.3%) in June.
There is no economic data on tomorrow’s schedule.
Year to date index performance:
Nasdaq Composite +8.5% YTD
S&P 500 +7.8% YTD
Dow +2.8% YTD
Russell 2000 -0.3% YTD