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The S&P 500 closed at an all-time high of 2,121,10 on Thursday as shares finished higher across the board, led by gains in healthcare, consumer goods and technology stocks.
The index finished higher by 1.08%, just above the previous record close of 2,117.69 set last month. Nine out of ten S&P 500 sectors finished in the green with the one of the year’s strongest sectors, energy, the only sector that failed to move up on the day.
Meanwhile, other benchmark indices, the Dow Jones Industrial Average and Nasdaq also finished strongly, climbing higher by 1.06% and 1.39% respectively. Biotech stocks were the sharpest movers once again on the Nasdaq.
Risers & Fallers
Apple was the best performing stock from the mega-caps as the stock climbed 2.14% to hit $128.75. UBS analysts raised their earnings per share forecasts on the technology giant, anticipating stronger projected sales of Apple’s new iWatch as reason for outperformance.
However, the biggest gainer in the S&P 500 was Computer Sciences which jumped by 4.29% and finished the day just above the $69 mark.
It was not such good news for Wisconsin-based department store Kohl’s Corp. The company sank 13.47% after reporting store sales that were almost half analyst estimates.
Technicals & Outlook
The S&P 500 index actually started Thursday in bearish mode and traded below its key pivot until US markets started to wake up. The index then moved steadily higher with great conviction and ended up closing above the second support.
Looking at our report from the 14th our bullish call around 2,068 – 2,100 was a good one. We can see the index carrying on now and moving up to the 2,140 level over the next few days.
We are bearish over the next few weeks and see potential for a move back to 2070 as most technical indicators have turned negative.
Thierry Laduguie is Trading Strategist at www.bettertrader.co.uk
