It was not like he wasn't full speed ahead to taper and even tighten, but the market took the news in stride and moved higher. It may be that growth is high which is good, and perhaps a belief that inflation is also high but also has some extra stuff (supply chain) that will fade away over time. Now it may be that today's gains may lead to tomorrows losses, but for now, the markets are closing with solid gains.
Highlights:
- The S&P, NASDAQ, Dow snapped their two day losing streak
- The Russell 2000 snapped its four day losing streak
- The gains were led by the NASDAQ index which moved up over 2%
- The Russell 2000 index was up about 1.65%
- the energy sector was the only one of the S&P 11 sectors to decline (down -0.5%)
- The technology sector was the big winner (up 2.6%)
The final numbers are showing:
- Dow industrial average rose 283.23 points or 1.08% at 35927.44
- S&P index rose 75.74 points or 1.63% at 4709.84
- NASDAQ index rose 327.95 points or 2.15% at 15565.59
- Russell 2000 rose 35.55 points or 1.65% at 2195.208
Technically, the NASDAQ index is closing back above its 100 hour moving average at 15487.59. The 200 hour moving average remains a hurdle to the topside at 15688.87.
For the S&P index, it moved up to test the high price from last week at 4713.57. The high close on debt day was 4712.01 which is also the all-time high close for that index. The high price today reached 4712.60 before backing off into the close. Tomorrow getting above that level in closing above be more bullish and have traders targeting the intraday high price of 4743.83.
