S&P up after breaching key level

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Stocks are inching higher again this morning, one session after setting a key milestone.


S&P 500 futures are up 0.15 percent to 1998. Yesterday the index pushed above 2000 for the first time and is up 42 percent since the beginning of last year. The Nasdaq 100, which is back to highs from August 2000, is indicated up 0.2 percent this morning.

Equities have ridden a wave of positive sentiment thanks to a slowly improving economy, low interest rates, and limited macro risk. Strength has rotated from one sector to another, and most recently has shifted to retailers, homebuilders, financials, and biotechnology. Our researchLAB market scanner also shows former leaders in the metals and energy space lagging.

European indexes are rose fractionally today and are attempting to rebound from a July selloff. Investors are now looking for the European Central Bank to implement monetary stimulus, which could slow long-expected interest-rate increases by the U.S. Federal Reserve. Asia was mostly lower overnight, led by a drop of 1 percent in Shanghai, and is showing signs of fatigue after leading global markets higher last month.

Today's agenda includes durable-goods orders at 8:30 a.m. ET, the Case-Shiller house-price index at 9 a.m. ET and consumer confidence at 10 a.m. ET. Thursday brings revised second-quarter gross domestic product, but trading is likely to remain light the rest of the week because of Labor Day on Sept. 1.

In company-specific news, Tim Hortons rose 10 percent after accepting a takeover by Burger King. DSW also gained 10 percent on a strong quarterly earnings report. Best Buy declined 4 percent and Trina Solar slid 8 percent after quarterly revenues lagged estimates.

Commodities are mixed, with gold and silver up 0.6 percent, copper down the same amount and energy little-changed. There are no big movers in foreign-exchange markets.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.


This article appears in: Investing , Options

Referenced Stocks: SPX

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