Technical Analysis

The US major indices close higher but get back some of the gains

Up for the third straight day

The US major indices are closing higher on the day with the NASDAQ index and the Dow industrial average leading the way with gains near 1%. That’s good news. The not so good news is that the gains were much higher. The Dow industrial average was up 1.62% at its highs. The NASDAQ index was up 1.75%. The Russell 2000 index of low cap stocks was the big winner with a gain of 1.58%

A look at the provisional closing numbers shows:

  • Dow industrial average up 337 points or 0.98% at 34754.15. The high saw the Dow up 558.2 points
  • S&P index is up 36.28 points or 0.83% at 4399.83. The high saw the S&P up 67.04 points
  • NASDAQ index is up 152.1 points or 1.05% at 14654.02. The high saw the NASDAQ up 253.80 points
  • Russell 2000 rose 35.11 points or 1.59% at 2250.07

Other highlights for the day include:

  • Dow is 2% from its all-time high
  • NASDAQ is trading less than 5% from its all-time high
  • S&P is trading 3% from its all-time high
  • The Dow S&P and NASDAQ is now on track for a gain for the week

Tomorrow’s stock market will be influenced by the US jobs report which is expected to show a gain of around 490,000 jobs (versus 235,000 last month). The unemployment rate is expected to dip to 5.1% from 5.2%.

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