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The fireworks did not end Monday evening as the US Memorial Day weekend came to a close. They continued this morning on the New York Stock Exchange as the S&P 500 set a new intra-day record of 1,912.28 before closing at 1,911.91, up 11.38 and 0.6% from Friday’s close at 1,900.53. The previous high of 1,902.17, which was reached on 13 May 2014. The index’ low for the past year was 1,560.33.
The question now becomes, “How long can this pace continue?” Really, it’s the same question that most American’s are asking about California Chrome winning the Triple Crown. It seems like everyone is rooting for the philly, but that doesn’t mean that she maintain the pace or win at the distance.
Whilst the crowd is enjoying the excitement of what now feels like a four-day weekend (To be clear, these are the same people cheering for California Chrome. Everybody loves a winner.) CNBC’s ubiquitous and loudly loquacious Jim Cramer has already reported potential market bust based on analysis by Mark Sebastian, Director of Trading and Investments at Swan Wealth Advisors. Cramer places a great deal of confidence in Sebastian because he is usually right. I don’t know about you, but that sounds like a good reason to me.
How’s the DOW?
The Dow already reached a new record high earlier this month – 13 May to be exact – at and intra-day mark of 16,735.51 before closing at 16,715.44. Today the Dow reached 16,688.69 by 11:06 am EDT, ultimately closing at 16,675.50, up 69.23 and 0.42%. If tomorrow is at all like today, the Dow may well set its own new record.
Is the NASDAQ Coming Back?
Apparently so. Although it has a ways to go before it can regain its pinnacle of 4,572.83 set during the glorious “dot com” days, it is, nonetheless, moving back into that lofty altitude. The index has gained ground rather consistently since January 2009. It climbed 51.26 today to 4,237.07 at the closing bell, so a record is within reason as the index has regained 80% of the ground it had lost. A record may not be reached tomorrow, but it is, at least, in sight.
Who Is Leading the Charge?
Gainers today included Hillshire Farms (NYSE:HSH), boosted by a news of a potential takeover bid, Lentuo (NYSE:LAS), Aeropostale (NYSE:ARO), North ((NYSE:NADL) and Concord (NYSE:CCM), all in double-digit percentage increases, followed closely by Barnes & Noble (NYSE:BKS).
NASDAQ gainers included Spherix (NASDAZ:SPEX), Dyax (NASDAQ:DYAX), Prana (NASDAQ:PRAN), and GLYCOMIMETIC (NASDAQ:GLYC), all of which gained more than 20%.
All in all, it was a small leap from Memorial Day to a memorable day.
