Afternoon Note
Record highs are being made across the board this morning. Gains are modest, but are pushing higher and holding strong. Oil and energy stocks are leading the parade today moving on comments from Putin regarding production cuts. The energy sector is up 1.74% and oil is trading at $47.42, up 3.79% for the day.
The S&P 500 eclipsed its all-time intraday high this morning, hitting 2194.31 and showing continuing strength heading into the lunch hour. The Russell 2000 is continuing its phenomenal run with the 12th day of gains while hitting new highs. It is just a day of superlatives, with the NASDAQ also at highs and the Dow within easy striking distance of its 52-week high at 18.934. The next milestone to watch for the Dow is 19,000!
Market internals are strong. On the NYSE, advancers make up 71% on 77% up on volume with 195 stocks making new highs. That is conviction. The NASDAQ is more evenly split, however, there are 264 issues making new highs today. Total volume is good at 1.5 billion.
Gold is showing a little strength today to $1212.50 an ounce, coming off a 5 ½ month low as the dollar comes off of 10 day gains. Interest rates are down slightly as well after the massive run up last week.
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