The S&P 500 Index made a second run at all-time highs on Friday after Tuesday’s failed attempt, but the NASDAQ Composite Index wasn’t about to let the NYSE-based index steal the show. The NASDAQ cleared the 7933.31 level early in the day on Friday and pushed higher from there to close at 7945.98 on slightly lighter volume.
Adding impetus to the move were comments from Fed Head Jerome Powell at the Jackson Hole symposium. Leading stocks across the board, particularly those that I’ve discussed in recent written and video reports, were on fire. Most are now well extended.
Not to be outdone, the S&P 500 Index made another run at its prior January highs after failing on Tuesday’s attempt in a stalling day off the peak. After some fits and starts as the day wore on, at one time clearing the old high and then dropping back below it, the S&P 500 finally cleared its January all-time high of 2872.87 and Monday’s all-time intraday high at 2873.23 to close at 2874.69. Volume was lighter.
All this came on a week that included news of a plea bargain by one of the President’s former attorneys and the failure of lower-level talks between the U.S. and China that were supposed to produce a roadmap to a trade settlement by November. In the end, what didn’t kill the market this past week only served to make it stronger.
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