U.S. markets closed higher for the 2nd-straight Monday as the major indexes continue to work their way back towards all-time highs. The small-caps are still in correction territory but the overall market is only 4%-5% away from late September and early October peaks.
Economic news was light and ahead of Tuesday’s start of the FOMC meeting with an update from Fed Chair Jerome Powell on Wednesday. Volatility was slightly higher but held key levels of resistance as Wall Street doesn’t expect much of a surprise in the meeting minutes.
The Russell 2000 rallied 0.7% following the morning run to 1,569. Fresh and lower resistance at 1,570-1,585 held with a move above the latter and the 200-day moving average being a continuing bullish signal.
The Nasdaq rose 0.3% after trading to another 2019 high of 7,737. The close above the 7,700 level was the first since early October and keeps fresh resistance at 7,750-7,800 in focus.
The S&P 500 gained 0.4% following the 4th-straight close above the 2,800 level and push to 2,835. Lower resistance at 2,825-2,850 was cleared and held on the fresh yearly peak.
The Dow nudged up 0.3% following the intraday run to 25,924. Lower resistance at 26,000-26,250 held for the 2nd-straight session with continued closes above the latter being a more bullish development.
Energy was the strongest sector after jumping 1.4%. Financials, Consumer Discretionary and Industrials were up 1%.
Communication Services and Real Estate led sector laggards after falling 0.9% and 0.5%, respectively.
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Dollar General (DG) upgraded to Overweight from Equal Weight at BarclaysDentsply Sirona (XRAY) upgraded to Outperform from Market Perform at William BlairOkta (OKTA) upgraded to Buy from Neutral at Goldman SachsAramark (ARMK) downgraded to Neutral from Buy at Nomura InstinetFacebook (FB) downgraded to Hold from Buy at NeedhamQuest Diagnostics (DGX) downgraded to Neutral from Outperform at Credit Suisse
EARNINGS Before the open (EST): Bitauto Holdings (BITA), DSW (DSW), Elbit Systems (ESLT), HD Supply Holdings (HDS), Michaels Companies (MIK), X Financial (XYF)After the close(EST): Atento (ATTO), FedEx (FDX), Interpace Diagnostics (IDXG), Ramaco Resources (METC), Smartsheet (SMAR), Steelcase (SCS), Tencent Music Entertainment (TME), Westport Fuel Systems (WPRT), Zuora (ZUO)
UPCOMING ECONOMIC NEWS Tuesday’s economic reports (EST): Economic News:Redbook – 8:55amFactory Orders – 10:00am
METALS / OILGold closed at $1,301.50 an ounce, down $1.50Silver settled at $15.32 an ounce, UnchangedCopper finished at $2.90 a pound, UnchangedCrude Oil was at $58.95 a barrel, up $0.56Bitcoin Investment Trust (GBTC) ended at$4.88, up $0.22
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Todd Mitchell
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