Friday, 19 October, 2018

S&P 500 touches record high, equals longest-ever bull run

Traders work on the floor of the NYSE in New York Traders work on the floor of the New York Stock Exchange in New York U.S
Lindsey Cook | 26 August, 2018, 11:59

Bull and bear markets are identified only retroactively, and it is too soon to say for certain whether a correction in the S&P 500 in February marked the end of the bull market and the start of a bear market.

"There was quite a lot of news that was negative for Trump yesterday that introduced uncertainty into the market", said Robert Phipps, director at Per Stirling Capital Management in Austin, Texas. The biggest boost to the S&P 500 came from technology stocks.SPLRCT, which advanced 0.5 percent.

Though born at the depths of a crisis, rarely has a bull market had better support than this one, which just became the longest ever recorded by some definitions.

The small-cap Russell 2000 index .RUT , which is less affected by global tariff disputes than its large-cap peers, jumped to a record high. S&P 500 e-minis were up 5 points, or 0.17 percent and Nasdaq 100 e-minis were up 18.5 points, or 0.25 percent.

USA stocks opened lower on Wednesday after President Donald Trump's political position was threatened by the criminal convictions of two former advisers and on caution ahead of U.S.

The S&P 500 saw resistance near a new closing high, with the Dow Jones also closing lower on Wednesday.

Trump, meanwhile, told an interviewer on Fox that his impeachment would "crash" the stock market.

The Federal Reserve Bank announced in a policy meeting during the week that it seeks reassurance in the U.S economy and committed to future hikes in rates of consumer goods.

More news: Hyde-Smith says Mississippians protected by Trump's gutting of clean power plan
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More news: McGahn seen as 'undercover operative' in White House

And on the earnings side, notable retail names set to report results include Ross Stores (ROST) and The Gap (GPS), while other companies schedule to release earnings include HP (HPQ), Intuit (INTU), Hormel (HRL), and Autodesk (ADSK).

The Dow is up 937.76 points, or 3.8 percent. The S&P 600 closed at 1,091.20 for a gain of 1.79 points or 0.16%.

Medtronic rose 4.6 percent after the medical device maker's profit beat estimates.

Hartford Financial Services fell 4.2 percent after announcing an acquisition.

The index only crossed the threshold on an intraday basis on Tuesday, when it briefly hit 2,873.23.

The Dow gained 133 points, or 0.5 per cent, to 25,790.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.83 percent.

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