Th major US indices had a huge day to the upside after weaker than expected CPI data led to the dollar tumbling, yields falling. That combination goosed the major indices higher
The major indices enjoyed their best day since the pandemic volatility when the major indices were moving up and down in 5-12% range daily. For today:
- Dow industrial average rose 1201.43 points or 3.7% had 33715.36
- S&P index rose 207 22 points or 5.54% at 3956.38. The index closed above its 100 day moving average at 3901.
- NASDAQ index was the biggest gainer with a 760.98 point rise or 7.35% at 11114.16
- Russell 2000 rose 107.52 points or 6.11% at 1867.92.
It is a great move. It is the largest move higher since the pandemic. There is room to roam, but understand that there may come a day where it realized that it still rose 0.4% for the month. That inflation is still well above the 2% target for both the headline and the core.
However, enjoy it while you can and look for higher levels to potentially sell (like the 200 day MA).