Dollar has continued its gains, and the index has broken its downward trend line, indicating that the bear trend may be over. The strength in the dollar has brought more weakness for the euro and sterling.
The global stock futures have fluctuated between gains and losses but European futures are set to extend yesterday’s gains.
Over in Asia, we had a bit of mixed trading session. The HSI index advanced 0.11%, the Nikkei stock index also moved lower by 0.06%, while the Korean KOSPI advanced 0.03%. The Shanghai index increased by 0.14%.
Dow Index and S&P 500 Index: Market Breadth
The Dow Jones’ market breadth weakened further yesterday. 60% of the Dow Jones stocks traded above their 200-day moving average yesterday. This is a change of -3% from the day before.
The S&P 500 stock breadth improved - 54% of the shares traded above their 200-day moving average yesterday. This is change of +1% from the day before.
Stock Market Rally
The S&P 500 stock index recovered some of its losses and closed in positive territory yesterday. The index advanced by 1.05%. The consumer discretionary sector led the index higher, and 8 out of 11 sectors closed higher.
Twitter stock contributed the biggest gain, soaring 7.09%. Citizen financial stock was the largest drag; it fell by 5.11%. The S&P 500 stock index is up 6.9% during this quarter.
The Dow index jumped higher yesterday, and the Dow stocks moved the index up by 0.52%. 20 stocks of the Dow Jones Index increased in value, and 9 shares of the Dow index moved lower. Microsoft stock advanced higher by 2.41%, and was the biggest mover for the Dow, while UnitedHealth stock dropped 1.65%, the biggest drag for Dow Jones industrial average index.
The NASDAQ composite, a tech-savvy index, soared 1.88% yesterday.