After a moribund Monday, stocks soared on Tuesday, assuring the investing world that central banking schemes are here to stay and the Federal Reserve will do nothing to interfere with the massive asset appreciation in stocks that has continued non-stop since 2009.
The bounce comes at an opportune time, following two consecutive weeks lower for the major averages.
With a gain of one percent on the day, the S&P 500 regained its footing right on its 50-day moving average. The gain on Dow Jones Industrials was its best single day move since early April.
None of the averages are anywhere near recent all-time highs, so, as August winds down, there’s plenty of room to run and virtually no negatives which could impede a pre-Labor Day rally.
Ho-hum.
At The Close, Tuesday, August 22, 2017
| ^DJI
Dow Jones Industrial Average |
21,899.89 | +196.14 | +0.90% |
| ^IXIC
NASDAQ Composite |
6,297.48 | +84.35 | +1.36% |
| ^GSPC
S&P 500 |
2,452.51 | +24.14 | +0.99% |
| ^NYA
NYSE COMPOSITE (DJ) |
11,805.29 | +86.02 | +0.73% |