S&P extends record-high amid a robust consumer spending & benign inflation


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S&P extends record-high amid a robust consumer spending & benign inflation

On Monday, the 29th of April 2019, the Standard & Poor 500 had posted an intra-day record high, reinvigorating the concept that an all-time-high S&P 500 index had further bullish momentum in its card amid a 9 and a ½ year high US consumer spending in March alongside a benign inflation data bolstering US central bank’s stance of a possible interest rate cut at the later part of the year.

The benchmark S&P 500 index had beaten an intra-day record posted on September 21st at 2,940.91, while Monday (April 29th) market had witnessed a record session high of 2,949.52. In fact, the S&P 500 index has now been 17 percent up from a year earlier.

Concomitantly, Nasdaq had also posted a record daily closure on Monday (April 17th) despite a shortcoming of Alphabet. At Monday (April 29th) market closure, the S&P 500 posted an intra-day gain of 0.11 percent to 2,943.03, and NASDAQ was up by 0.19 percent at the market wrap-up, while Dow winded down the day almost flatlined to 26.554.39 after adding 0.24 percent during the late US trading hours.

Monday’s modest gains on Wall St. was largely prodded by the hopes of resolving a Sino-US trade war, upbeat earnings alongside a tame inflation data which would likely to bolster Fed’s stance on its interest rate pause.

Although Monday’s gains were small, recent new highs should provoke the buyers to buyers to purchase more, analysts suggested after Monday’s (April 29th) market closure, while a chief investment strategist at the Leuthold Group in Minneapolis, Jim Paulson said, “It does create pressure to bring more buyers.

Today’s headline augments the fear of missing out. It’s going to make the bears less bearish or more worried they’re going to get run over”.