U.S. stocks are trading near their highs after some declines yesterday. The correction was for one day — at least for the S&P and Nasdaq. The Dow Jones Industrial Average was higher yesterday, as was the Russell 2000 index of small companies.
Today, all major indices are enjoying strong gains.
- As for the S&P, it erased its -49.37, or -0.88%, decline yesterday. It is now up 70.83 points, or 1.27%, at 5,655.26. A close at that level would be enough to set a new record. Its highest close was on Wednesday at 5,633.92.
- As for the Dow Jones Industrial Average, it posted back-to-back gains of 429 points on Wednesday, and 32 points on Thursday, with a current gain of 467 points or 1.17%. This puts the price at 40,220. The all-time high close was on May 17 at 40,003.60. Today, the index is heading for a record close.
Dow Jones on track for record close, second close above 40,000
Meanwhile, the Nasdaq Composite was the best performer, rising 1.39%, or 254 points, to 18,538.50. However, it fell 364.04 points yesterday. So, despite the big gain (and the biggest percentage gain since June 12), the index is on track to close below its all-time high, set on Wednesday at 18,647.45.
However, today’s gains across all indices are impressive, with the broader market including the Dow 30 participating.
By the way:
- The Russell 2000 small-cap index rose 26.24%, or 1.24%, after rising 3.57% yesterday. For the week, the index rose 6.14%.
This week in the United States:
- The Dow rose 2.09%.
- The S&P rose 1.51%.
- Nasdaq up 1.01%
What about Europe this week? The indices looked like they would close little changed or lower at the start of the day for some. However, all the major European indices closed higher during the day, which also added to the gains they made during the week.
- German DAX up +1.15% today, up 1.48% on the week
- French CAC index, +1.27% for the day and +0.63% for the week
- UK FTSE 100, +0.36% for the day and +0.60% for the week
- Spanish Ibex, +0.72% on the day and +2.06% on the week
- Italy’s FTSE MIB index rose 0.76% on the day and 1.74% on the week.