The stock market showed continued momentum on Thursday as the major indexes started off April with solid gains. Better-than-expected economic news and fresh details of President Biden’s $2.3 trillion infrastructure plan fueled bullish sentiment.
Technology led the surge higher with the Nasdaq clearing and holding a key level of resistance while the S&P 500 set another all-time closing high. The blue-chips are also on the verge of fresh record highs as volatility fell to its lowest level since February 2020.
The Nasdaq settled at 13,480 (+1.8%) after trading to a second half high of 13,487 while closing back above its 50-day moving average. Prior and lower resistance at 13,450-13,600 was cleared and held. A close above the latter would suggest additional momentum towards 13,650-13,800.
The Russell 2000 finished on its session peak of 2,253 (+1.5%). Prior and lower resistance at 2,250-2,275 was recovered. A move above the latter would signal additional upside towards 2,300-2,325.
The S&P 500 closed at 4,019 (+1.2%) with the new intraday record high hitting 4,020. Unchartered territory and lower resistance at 4,000-4,025 was cleared and held. A pop the latter would indicate ongoing strength towards 4,050-4,075.
The Dow made an late day run to 33,167 before ending at 33,153 (+0.5%). Near-term and lower resistance at 33,000-33,250 was recovered. A close above the latter and the all-time high of 33,259 would suggest a breakout towards 33,500-33,750.
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Acuity Brands (AYI) upgraded to Outperform from Neutral at Baird
Datadog (DDOG) upgraded to Buy from Neutral at Monness Crespi
Gilead (GILD) upgraded to Outperform from Market Perform at Bernstein
Goldman Sachs (GS) downgraded to Neutral from Buy at UBS
Phillips 66 (PSX) downgraded to Neutral from Overweight at Piper Sandler
Senseonics (SENS) downgraded to Market Perform from Outperform at SVB Leerink
MONDAY'S EARNINGS ANNOUNCEMENTS
Before the open: None
After the close: Duck Creek Technologies (DCT), First High-School Education Group (FHS)
MONDAY’S ECONOMIC NEWS
ISM New York Business Conditions - 9:45am
PMI Services Index - 9:45am
Durable Goods Orders - 10:00am
ISM Non-Manufacturing Index - 10:00am
Gold closed at $1,728.40 an ounce, up $12.80
Silver settled at $24.95 an ounce, up $0.42
Copper finished at $3.99 a pound, down $0.01
Crude Oil was at $61.28 a barrel, up $1.95
Bitcoin Investment Trust (GBTC) ended at $50.87 up $0.83
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