Major US stock indices are trading at fresh session highs as they react to weaker employment data and the belief that inflation will decline, and growth will be sustained. There may also be pressure because managers are still underweight and forced in.
The Dow Industrial Average leads the way. UnitedHealth, which fell sharply yesterday, leads the way today with a gain of 2.96%. Microsoft is trading up 2.2% and approaching an all-time high of $3,49.67. The current price is trading at $344.77. Caterpillar, Boeing and Chevron are also higher.
The S&P is back above 4400 and is currently trading at 4406, up 33.37 points, or 0.76%. This is the highest level since April 21.
The S&P is trading to its highest level since April, above 4,400
The Nasdaq is now up 92 points, or 0.68%, at 13,719.33. The 61.8% retracement level of the move down from the 2021 high is the next major target at 13873.09.