Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Stocks - Big Indexes Hit New Highs Ahead of Holiday

Stock MarketsNov 27, 2019 05:05PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. – On Thanksgiving Day, bulls will surely be thankful for a decent economy and low interest rates that have combined to push stocks to new highs.

The S&P 500, Dow Jones industrials, Nasdaq Composite and Nasdaq 100 hit all-time highs and closing highs on a quiet day of trading.

U.S. markets will be closed Thursday for the holiday.

The S&P 500 was up 0.42%, with the Dow up 0.15%. The Nasdaq Composite and Nasdaq 100 indexes were up 0.66% and 0.70%, respectively, based in part on a strong performance from (NASDAQ:AMZN), up as investors predict a strong Black Friday sales performance.

The Russell 2000 index, up 0.56%, hit a 15-month high.

So far this year, the S&P 500 is up 25.8%, with the Nasdaq up 31.2% and the Nasdaq 100 up 33.4%.

The Dow is up a more modest 20.7% and its gain on Wednesday was muted by weakness from Boeing (NYSE:BA), down 1.48%. The loss cut about 38 points from the index.

Boeing (NYSE:BA) had two issues. First, the Federal Aviation Administration told the company its inspectors would inspect all the 737 Max planes being shipped to customers or recertified with modifications. That will delay recertification and return to service of the troubled plane until probably after Jan. 1.

The other issue was a Seattle Times report showing a September stress test of the 777 X plane that caused fuselage damage that will require some redesign work.

Helping the market was the Federal Reserve's newest Beige Book report, an anecdotal look at the economy. It showed modest to moderate growth, low inflation, but some wage pressures.

The market also took a cue to move higher from statements from the Trump Administration that U.S.-China trade talks are progressing. It's not clear when a deal will be ready to sign.

While the economy looks stable for the foreseeable future (absent a breakdown of trade talks), the market has been showing signs of frothiness.

The S&P 500 and Nasdaq both ended the day with relative strength indexes approaching 76. The Dow's RSI is just under 72. Relative strength indices are widely watched because they can give off buy-and-sell signals. In this case, a reading above 70 is a warning that stocks are getting ahead of themselves. Above 75 is a sell signal.

If many market bulls are correct stocks could continue to rise into the year, the RSIs for the major averages could top 80, making the market vulnerable to a sizable pullback.

While Boeing was the Dow laggard, Apple (NASDAQ:AAPL), up 1.34%, was the Dow's biggest percentage gainer and added 24 points to the index. Apple also added 13.5 points to the Nasdaq 100 index. Apple, Amazon and Facebook (NASDAQ:FB) contributed nearly half the Nasdaq 100's 59-point gain.

Crude oil and gold prices moved lower. Interest rates were a touch higher, with the United States 10-Year yield up to 1.771% from 1.74% on Tuesday.

Contract oil-and-gas driller Helmerich and Payne (NYSE:HP), Under Armour (NYSE:UA), software company Autodesk (NASDAQ:ADSK) and chipmaker Western Digital (NASDAQ:WDC) were the S&P 500's best performers Wednesday.

Farm-equipment maker Deere (NYSE:DE), apparel-maker PVH (NYSE:PVH), financial services giant CME Group (NASDAQ:CME) and discount retailer Dollar Tree (NASDAQ:DLTR) were the weakest S&P 500 performers.

Stocks - Big Indexes Hit New Highs Ahead of Holiday

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email