Dow: +112.86…
Nasdaq: +48.01… S&P: +14.87..
The major averages opened flat and advanced throughout the duration of the day to close solidly higher. The Nasdaq (+0.9%) picked up steam in the afternoon to finish a step ahead of the S&P 500 (+0.7%), while the small-cap Russell 2000 (+1.7%) surpassed them all.
We hear the worry about Trumps “restrictive” and protectionist trade policies a lot lately. It didn’t seem like it today though. As a matter of fact, it seems like the market is embracing his low regulation, business first Reagan-esque approach to things.
If the market does buy into this new feeling, then watch out above. Bonds have started to sell off again and stocks may be ready to go higher after this long sideways chop fest. We’ll see if we get some follow-through, and the jury is still out, but you cannot ignore action in the market today.
Concrete stocks, steel stocks, agricultural stocks, and financials all had really nice moves today and it’s reminiscent of the action and leadership of past old fashioned bull markets. Technology is ripping and so is housing. Biotech, at this point, is the only sector that really isn’t playing nicely in the sandbox with the other kids.
Stay tuned. We may get really active again here soon.