A day after crossing over 2000 but then falling back the S&P 500 finished above that big round number. The S&P 500 gained 0.11% and the NASDAQ 0.29%. The day’s economic reports came in well above expectations; orders for durable goods rose 22.6 percent last month versus a 7.5 percent estimate. The bookings for longer-lasting goods came on increased demand for commercial aircraft. A measure of consumer confidence hit 92.4 in August, exceeding estimates of 89.
All systems go for the indexes.
The NYSE McClellan Oscillator is back above 40 but not yet to the extreme overbought level.
Biotechs continue to be the sector to be in, charts from MarketSmith.
Best Buy (BBY) fell after reporting a larger-than-expected drop in sales.
Amazon.com (AMZN) agreed late Monday to buy live-streaming gaming network Twitch Interactive for about $970 million in cash. Amazon’s stock rose 2.3 percent to $341.83 and gave the biggest boost to the Nasdaq 100 index. However, not the best of charts out there.
Twitter (TWTR) has been resting for about a month after its gap up post earnings; today it looked ready to start a new leg up.