All 3 major indexes set new highs on Thursday as the rally continued, albeit on a smaller scale. The Weekly Initial Unemployment Insurance Claims showed continued strength in employment which assisted the rally for another day. Financials continued their advance and closed the day higher as a group. The ECB also announced a continuation of their stimulus package but did reduce the amount of bond buying by 20 billion Euros.
S&P Index Close
The S&P index ended the day up 4.84 points to 2246.19.
Dow Jones Index
The Dow Jones ended the day up 65.19 to 19,614.81 with many investors believing that the Dow will shortly reach 20,000.
NASDAQ Index Close
The NASDAQ rose 0.44%, up 23.59 points to 5,417.36.
Stock Market Outlook
There is no need for a technical chart this evening. There are no changes to the charts from Wednesday.
Stock Market Outlook for Tomorrow – Dec 9 2016
The market remains in rally mode. Wednesday’s big advance caught investors “off guard” and today investors were busy looking for opportunities in any dip. Dip buying has been highly profitable all year and this rally is no different.
For Friday stocks are extremely overbought but despite this the outlook is still positive for Friday. While I am not anticipating a big move higher on Friday, I am expecting stocks to move above 2045 and challenge 2050 during the day.
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