Nasdaq Rises Above All-time High, Finally - But Now What?

Nasdaq, QQQ, all-time high, high

Nasdaq Rises Above All-time High, Finally - But Now What?

Date Published: 2019-04-23

Disclaimer

The information contained on this site is provided for general informational purposes, as a convenience to the readers. The materials are not a substitute for obtaining professional advice from a qualified person, firm or corporation. Consult the appropriate professional advisor for more complete and current information. Capital Market Laboratories ("The Company") does not engage in rendering any legal or professional services by placing these general informational materials on this website.

Preface

So, it happened -- the S&P 500 index and the Nasdaq Composite on Tuesday hit record territory.

Story

The last time the Nasdaq Composite hit its all time high was all the way back.. oh, wait, it was just about 8 months ago in 2018. As of this moment the SPX is trading at 2,933.63 +25.66 (+0.88%) and the Nasdaq Composite is trading at 8,125.39 +110.12

We may never really know the "why" but there are some cues we can take from the market. First, so far, earnings season hasn't been the unmitigated disaster many on Wall Street had forecast. Hold that thought, it's still early.

Second, without question some economic data is pointing to a rather healthy backdrop in the United States. On 4-17-2019 we penned Surprise - Retail Sales Rise, Rebound Points to a Healthy Consumer Says Commerce Department. In that article we noted that The Commerce Department delivered surprisingly good news as retail sales bounced back in a big way in March, rising 1.6%. Excluding automobiles, retail sales rose a bit slower at 1.2%.

Then, on 4-20-2019, The Fed's Charles Evans told CNBC that rates could stay unchanged at their current levels until the Fall of 2020, pointing to a more politically oriented monetary policy (read: wait for the election). Finally, on 4-23-2019 we got news that new home sales surged to 16-month highs. Taken altogether, yeah, the market has reason to rise. Ultimately, the full earnings season results will be the real driver.

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Thanks for reading, friends.

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