U.S. markets showed strength throughout Tuesday’s session as better-than-expected earnings and mostly positive economic news helped fuel the rally. The gains propelled the S&P 500 and Nasdaq to fresh record closes as both indexes came within 5 points of setting all-time highs.The Russell 2000 showed the most strength after zooming 1.6% and testing a session high of 1,587. Prior and lower resistance at 1,585-1,600 was cleared and held with additional hurdles at 1,625-1,650 on continued closes above the latter.The Nasdaq surged 1.3% after tapping a high of 8,128. Fresh and lower resistance at 8,100-8,150 was cleared and held with fluff to 8,200-8,250 on a close above the latter.The S&P 500 rallied 0.9% following the intraday push to 2,936. Near-term and lower resistance at 2,940-2,950 held with breakout potential towards 2,975-3,000 on a close above the latter.The Dow rose 0.6% after trading to a fresh 2019 high of 26,695. Prior and lower resistance at 26,500-26,750 was cleared and held with a close above the latter getting 27,000 and all-time highs in play.Healthcare led sector strength after jumping 1.6% while Communication Services rose 1.2%.Consumer Staples and Energy were the only sector laggards after falling 0.3% and 0.1%, respectively.
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Kimberly-Clark (KMB) upgraded to Buy from Hold at ArgusQualcomm (QCOM) upgraded to Overweight from Equal Weight at Morgan StanleySony (SNE) upgraded to Outperform from Neutral at MacquarieCrocs (CROX) downgraded to Neutral from Overweight at Piper JaffrayFortis (FTS) downgraded to Market Perform from Outperform at Raymond JamesHormel Foods (HRL) downgraded to Sell from Neutral at Goldman Sachs
EARNINGS Before the open (EST):Anthem (ANTM), AT&T (T), Biogen (BIIB), Boeing (BA), Boston Scientific (BSX), Caterpillar (CAT), Domino’s Pizza (DPZ), General Dynamics (GD), Gentex (GNTX), Knight-Swift Transportation (KNX), Norfolk Southern (NSC), Northrop Grumman (NOC), Owens Corning (OC), Thermo Fisher Scientific (TMO), Sirius XM (SIRI), Stanley Black & Decker (SWK)After the close(EST):Anthem (ANTM), AT&T (T), Biogen (BIIB), Boeing (BA), Boston Scientific (BSX), Caterpillar (CAT), Domino’s Pizza (DPZ), General Dynamics (GD), Gentex (GNTX), Knight-Swift Transportation (KNX), Norfolk Southern (NSC), Northrop Grumman (NOC), Owens Corning (OC), Thermo Fisher Scientific (TMO), Sirius XM (SIRI), Stanley Black & Decker (SWK)
UPCOMING ECONOMIC NEWS Wednesday’s economic reports (EST): MBA Mortgage Applications – 7:00amState Street Investor Confidence – 10:00am
METALS / OILGold closed at $1,273.20 an ounce, down $4.40Silver settled at $14.79 an ounce, down $0.18Copper finished at $2.89 a pound, down $0.01Crude Oil was at $66.31 a barrel, up $0.65Bitcoin Investment Trust (GBTC) ended at $7.39 up $0.32
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Todd Mitchell
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