To be sure, Stockton isn’t suggesting that it will be an easy climb for the S&P 500 and the broader stock market, and admits it might fail to break out.
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A Wall Street sign near the New York Stock Exchange in New York in July 2015.
There is still a long way to go in terms of the S&P 500 sectors.
Japanese stocks jumped again, leading gains in Asian markets Tuesday as investors remained hopeful about the prospects of more stimulus following a stronger-than-expected election victory by the country’s ruling coalition. Benchmark Brent crude LCOc1 and US crude CLc1 prices hit two-month lows of $45.90 a barrel and $44.53 a barrel, respectively, pressured by increasing Canadian products, a higher USA oil rig count and cuts in bullish hedge fund bets on crude.
Bond prices fell as investors moved money out of lower-risk investments.
The S&P also broke its record intraday high, hitting 2,143.16 points to overtake the previous high of 2,134.72 hit on May 20, 2015. Boeing rose $1.95, or 1.5 percent, to $132.04 and Citigroup added 31 cents, or 0.7 percent, to $42.29.
The two indexes have risen 20 per cent this year, outperforming other S&P indexes. The role played by the commodity behemoths should not be underestimated either, these stocks are now trading at much higher prices than in the depths of the market in February.
Seagate jumped 16.2 percent to $28 after the hard-disk drive maker estimated quarterly results that beat analysts’ expectations. Meanwhile, the technology-heavy Nasdaq Composite Index (NYSEARCA:QQQ) advanced 0.6%.
PROFIT PICTURE: Company earnings reports got off to a good start.
Earnings of S&P 500 components are expected to fall 4.8 per cent, compared with the year-earlier quarter, according to Thomson Reuters data. Goldman Sachs and Alphabet, the parent company of Google, were up more than 1 percent.
LONDON – European shares have risen, with London’s FTSE 100 lifting close to 1.5 per cent, after Theresa May won the race to succeed David Cameron as prime minister, reducing political uncertainty in the UK.
EUROPE GAINS: France’s CAC 40 rose 1.7 percent and Germany’s DAX added 1.4 percent.
Benchmark Brent crude and USA crude prices hit two-month lows of $45.90 a barrel and $44.53 a barrel, respectively, on extended selling after the market’s break below a key technical support level last week due to oversupply fears.
The Canadian dollar strengthened against its US counterpart on Tuesday, helped by higher oil prices and improved global risk sentiment as political tensions eased in Britain, Japan prepared more stimulus, and USA stocks hit a record high. Brent crude, a standard for global oil prices, rose 73 cents to $46.98 a barrel in London. The 10-year treasury yields dropped to all-time lows while demand for debt assets increased.
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On the currency markets, the pound briefly rose above $1.30 on the news that May now had no leadership challenger, but later fell back in anticipation of action from the Bank of England on interest rates.
