The Nasdaq Composite tagged new annual highsDespite an early dip into the red this morning, the equities market kicked off the week on a high note today. Hospital stocks and managed-care providers emerged as unexpected leaders, after the U.S. House of Representatives voted -- along strict party lines -- to approve an overhaul of the nation's health care system. While many analysts predicted that reform would be a negative catalyst for the sector, traders today were simply relieved to see some of the uncertainty surrounding health care stocks lifted. Elsewhere, an upgrade for Boeing (BA) added some lift to the Dow industrials, while Citigroup (C) paced financial sector gainers after analyst Richard Bove boosted the shares from "neutral" to "buy." By the close, all three major market indexes were firmly planted on positive ground.
The Dow Jones Industrial Average (DJIA – 10,785.89) ended on a gain of 43.9 points, or 0.4%, as 22 of its 30 components closed higher. DuPont (DD) and American Express (AXP) paced the advancing equities, while United
Technologies (UTX) led the seven declining blue chips into the red. General Electric (GE) shares split the difference by finishing flat. Today marks the Dow's highest daily close since Oct. 1, 2008.In similar fashion, the S&P 500 Index (SPX – 1,165.81) tacked on 5.9 points, or 0.5%, after catching a lift from its rising 10-day moving average. The SPX remains pinned beneath short-term pressure at the 1,170 level, but it's once again trading north of its 160-month trendline. Not to be outdone, the Nasdaq Composite (COMP – 2,395.40) wrapped up the day on a gain of 21 points, or 0.9%, after tapping an intraday peak of 2,401.21 -- its highest price since Sept. 2, 2008.
HAPPY TRADING
No comments:
Post a Comment