Stocks are climbing again today as the S&P 500 continues its push into record territory.
Index futures are up about 0.2 percent and poised to advance for a fifth consecutive session. Europe is fractionally higher, led by a 0.7 percent gain in Milan, and Asian markets was broadly higher overnight.
The S&P 500 spent almost a month consolidating in a tight range above its 50-day moving average before breaking out on Friday. Small caps and the Nasdaq, which lagged in previous months, led the advance. Economic data has been mostly favorable, with durable-goods orders, home prices, and consumer confidence all beating estimates yesterday. European business confidence was also stronger than expected today.
The next big catalyst comes tomorrow morning, when the Commerce Department announces revised gross domestic product numbers for the first quarter. The initial report on April 30 missed forecasts by a wide margin. There are also several important events next week: global manufacturing data, several central bank announcements and monthly jobs reports. (See researchLAB 's integrated calendar for more.)
Money has been flowing back into former leaders like consumer-discretionary stocks and technology in the last week. Solar energy, 3-D printers, real-estate services, network-security stocks, and cloud software have stood out in particular. Financials have also started to show signs of life following months of underperformance. Energy and emerging markets have been losing momentum, according to researchLAB.
In company-specific news, homebuilder Toll Brothers and fashion retailer Michael Kors both rose about 3 percent after reporting better-than-expected earnings and revenue.
Commodities and currencies are little-changed.
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