The Dow Jones Industrial Average was up 0.4%, over 100 points, on Thursday, while the S&P 500 rose 0.4% and the tech-heavy Nasdaq Composite gained 0.5%. Stocks jumped after a bigger-than-expected increase in jobs last month: The Labor Department reported that 4.8 million jobs were added in June—more than the 2.9 million expected. The unemployment rate fell to 11.1%, down from 13.3% in May. The jobs data for June was collected ...
All five major equity averages are above what’s called a “golden cross,” which occurred when the 50-day simple moving average crossed above its 200-day simple moving average, indicating that higher prices lie ahead. Traders buy weakness to a value level that is below the current market price. Traders reduce holdings on strength to a risky level that is above the market price. A pivot is a “magnet,” which was once a value level or a risky ...
Heading into a new week, bulls remain confident, buoyed by technical indications and market internals. A rate hike is likely and the commentary surrounding it could spoil the party. The technical picture remains encouraging for bulls, as the major indices seem to be on track to leave behind the 3-month long correction. The Dow, the S&P 500 and the Nasdaq are all above their 50- and 200-day moving averages, and thanks to the recent rally, ...
The Dow Jones Industrial Average ended Friday with a decline of 5.9% year-to-date and still in correction territory 10.7% below its all-time high of 18,351.36 set on May 19. The Dow is up 6.1% since setting its 2016 low of 15,450.56 on Jan. 20. Only one of the eight “Dogs of the Dow” is lagging the Dow since setting their 2016 lows and five have gains between 13.8% and 16.1%. Four of the eight have gains year–to-date led by Verizon, with ...
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