Tech Stocks Buoy Bullish Pace
It is without a doubt that tech stocks are looking to have 2017 as their year, the massive bullish run they have are continuing up to today pushing new highs and record setting trading. Today, the tech stocks manage to drive the majority of US indices to all new highs and keeping them at record high territory; microchip makers and tech companies took the pedestal on the ongoing surge.
One of the main highlights was Dow Jones’ ninth consecutive record high; trailing behind the index was S&P 500 who also manages to report record high closing figures all thanks to the relative strength that the tech sector provided.
Indices Bullish Run
The US indices manage to keep a great start for this week; the Dow Jones Industrial Average manages to increase by a good 25.61 points or a total of 0.1%, reaching new record high of 22,111.42 after the market closes. The increases from Monday signaled a great rise for the blue-chip average, the new succeeding streak manages to overtake February’s gains. The index managed to tally a whippoing2.8% increase since then and manages to stamp a total of 35 record finishes this year.
More Indices Show Strength
The S&P 500 also manages to record increases from yesterday’s market; the index showed great strength and closed with a total of 0.2% at 4.08 points to a total of 2,480.9. The Nasdaq Composite Index also manages to get caught in the tailwind; it manages to record a total increase of 0.5% or 32.21 points and closing to 6,383.77 levels. Nasdaq manages to set a new high for its biggest one-day percentage rise since July.
Analysts on Indices Surge
According to Robert Pavlik of Boston Private Wealth, “We have a low-inflation environment, low-interest rates, and corporate earnings have come in incredibly well. Those can all hold the market at these levels, but at the same time, you don’t have all sectors firing at once, and the calls for a correction could become a self-fulfilling prophecy,”
Consumer Sector Up
An emerging sector, namely the consumer sector also manages to have its own bullish run as well; one consumer stock to look forward to is the NxStage Medical Inc. The stock manages to soar by a whopping 28% after the announcement from the German-based Fresenius Medical Care Ag & Co.; they said that they are going acquire NxStage for around $2 billion in an effort to boost its kidney dialysis business.
Another consumer stock to look forward to is Tyson Foods Inc.; it manages to increase by tremendous 5.7% after revenues topped forecasts on recent quarter performance report. The company manages to take the lead in biggest gainers amongst consumer staples stocks.
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