Markets continued to push higher, particularly the Dow which rose 218 points to close at a new all-time high. The NASDAQ however was in the red for much of the day. The S&P on the other hand, rallied at the open breaking to 2182 and then spent the rest of the day trying to build on the rally. In the end the climb was small with only a slight rise to 2167.48.
S&P Index Close
The S&P index gain just 4.22 points by the end of the day, closing at 2167.48.
Dow Jones Index
The Dow Jones closed at 18,807.88, up 1.2% on Thursday.
NASDAQ Index Close
The NASDAQ opened strong and then moved lower falling by 42.27 points as many tech names, particularly Apple, Facebook and Microsoft fell lower pulling the NASDAQ to c close of 5208.80.
Stock Market Outlook for Tomorrow – Nov 11 2016
There is no technical indicators for this evening. The markets are extremely overbought, despite both the S&P and NASDAQ’s inability to gain any traction on Thursday.
The Dow Jones is leading the market higher but a lot of stocks are not joining in. This is not a rally in the true sense but instead a re-aligning of portfolios as investors attempt to adjust positions to what they believe will prosper most under a Trump administration.
Another new all-time high for the Dow Jones, shows that the rally is very narrow and the broad market is not joining this rally. Friday should see a pullback.
The bias though will still be to the upside for stocks even with weakness on Friday and possibly Monday.
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