The market showed overall strength for the 5th-straight session on Wednesday, powered by shares of technology and e-commerce shares. News of progress on corona virus vaccine trials and expectations for the Federal Reserve to signal it will keep monetary policy easy in a speech by Chairman Jerome Powell on Thursday also helped sentiment.The Nasdaq closed at 11,665 (+1.7%) after tagging a fresh all-time high of 11,672 and extended its winning streak to 5-straight sessions. Fresh resistance at 11,650 was cleared and held with continued closes above this level signaling additional momentum towards the 11,800 area.The S&P 500 recorded its 4th-straight all-time high with the late day high reaching 3,481 before going out at 3,478 (+1%). Fresh resistance at 3,475 was breached and held with continued closes above this level keeping upside towards the 3,500 level in focus.The Dow tested an afternoon high of 28,353 before finishing at 28,331 (+0.3%). Prior resistance from January at 28,250 was recovered to keep upside strength towards 28,750 in play.The Russell 2000 lagged after closing on its session low of 1,560 (-0.7%). Key support at 1,550 was challenged but held with a drop below this level indicating a further backtest towards 1,525.
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J.M. Smucker (SJM) upgraded to Neutral from Sell at GuggenheimNIO (NIO) upgraded to Overweight from Equal Weight at Morgan StanleyUrban Outfitters (URBN) was upgraded to Outperform from Market Perform at Telsey AdvisoryCheniere Energy Partners (CQP) downgraded to Neutral from Buy at CitiPremier (PINC) downgraded to Hold from Buy at BenchmarkStoneCo (STNE) downgraded to Neutral from Buy at UBS
TUESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Abercrombie & Fitch (ANF), Burlington Stores (BURL), Coty (COTY), Dollar General (DG), HeadHunter Group (HHR), Lancaster Colony (LANC), Movado Group (MOV), Photronics (PLAB), ReneSola (SOL), Sanderson Farms (SAFM), TD Bank Group (TD)
After the close: Aviat Networks (AVNW), Bill.com Holdings (BILL), Dell Technologies (DELL), Gap (GPS), HP (HPQ), Marvell Technology (MRVL), Okta (OKTA), Trean Insurance Group (TIG), Veeva Systems (VEEV), Workday (WDAY)
TUESDAY’S ECONOMIC NEWSJobless Claims – 8:30amGDP – 8:30amPending Home Sales Index – 10:00amKansas City Fed Manufacturing Index – 11:00am
METALS/ OILGold closed at $1,952.50 an ounce, up $29.40Silver settled at $27.45 an ounce, up $1.18Copper finished at $2.96 a pound, up $0.03Crude Oil was at $43.45 barrel, up $0.04Bitcoin Investment Trust (GBTC) ended at $13.39