New Record High Just Below 5,800 for S&P 500 As Stocks Surge
Today the S&P 500 index reached another all time high, after consolidating above support during this month. The S&P 500, after bouncing within a tight range yesterday and earlier today, has broken higher, carrying forward the bullish momentum fueled by easing tensions in the Middle East. This resurgence has revived risk appetite in the stock market.
In September, the S&P500 index breached its previous resistance level, hitting a new high, which then turned into support, holding firm over the past two weeks and indicating further upward potential. Today, the momentum continued strong enough to set a new record high above the peak from September 26.
S&P 500 Chart Daily – The Previous High held As Support
US markets closed higher, with both the S&P 500 and the DOW Jones indexes closing at record highs, ahead of tomorrow US CPI inflation report for September which is expected to show a 2 point decline. Along with a higher closing, the NASDAQ index is currently at a distance of about 2% from its all-time high closing level of 18,467 points.
Closing Prices for Main US Stock Indices
- Dow Industrial Average: Increased by 431.63 points (+1.03%) to 42,512.00
- S&P Index: Gained 40.91 points (+0.71%) to 5,792.04
- NASDAQ Index: Rose by 108.70 points (+0.60%) to 18,291.62
- Russell 2000: Small-cap index increased by 5.60 points (+0.26%) to 2,200.58
Magnificent Seven Performance:
Despite overall gains, the group showed mixed results:
- Apple (AAPL): Up $3.77 (+1.67%)
- Amazon.com (AMZN): Increased $2.45 (+1.34%)
- Microsoft (MSFT): Rose $2.75 (+0.66%)
- NVIDIA (NVDA): Down $0.24 (-0.18%)
- Meta Platforms (META): Dropped $2.55 (-0.43%)
In Europe, equities also saw gains, with a notable rebound led by the DAX, which is approaching its all-time high. The DAX has been one of the leading indices in the broader global stock market rally, closing near its daily highs and attracting significant bids toward the European close. This reinforces its position as a key driver in the ongoing stock market surge.
Closing Prices for Main European Bourses
- Stoxx 600: Up by 0.6%, reflecting broad strength across European markets.
- German DAX: Rose by 1.0%, showing strong performance and nearing its all-time high.
- France CAC: Increased by 0.6%, maintaining positive momentum.
- UK FTSE 100: Also gained 0.6%, bolstered by easing global tensions.
- Spain IBEX: Closed flat, showing no significant movement for the day.
- Italy’s FTSE MIB: Up by 0.5%, continuing its steady upward trend.
Overall, European markets posted solid gains, led by the German DAX, as investor sentiment remained positive across the region, despite downward revisions by the German Finance Ministry for the German GDP in 2024, from +0.3% to -0.2%.
S&P 500 Index Live Chart
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