With all the earnings related surges in after hours Thursday night it was not difficult to predict Friday would be a solid day for the NASDAQ – and it was, as the index added 0.71% to go along with a more modest day on the S&P 500, up 0.23%. The NASDAQ gapped up at the open and stayed steady all day. Middling economic news was ignored; durable goods, ex-transportation, fell 0.2 percent, below expectations for a slight gain but less than February’s 1.3 percent decline.
One interesting fact in today’s readings – a lot of S&P 500 stocks remain below their 50 day moving average:
Despite major gains in those major names, nearly half, or 212, of the S&P 500 was trading below their 50-day moving average. “We see that narrowing of that breadth of the market and that’s not healthy. We need a broad advance,” said Lance Roberts, general partner at STA Wealth Management.