Dow working on its 7th gain in 8 days
The rotation out of the NASDAQ stocks into the Dow has slowed today. All the major indices are higher on hopes that a Covid solution will ultimately lead to stronger growth than 2021. The NASDAQ leads the way in early trading. The NASDAQ is looking to snap a 2 day decline. The Dow industrial average is looking to rise for the 7th day in the last 8 days.
A snapshot of the major indices currently shows.
- S&P index is up 20 points or 0.56% at 3565.13
- NASDAQ index is up 99 points or 0.85% 11650
- Dow industrial average is up 101 points or 0.34% at 29530
In the forex market, the NZD remains the strongest of the majors (and the runaway strongest). The USD has move marginally higher in early New York trading. The EURUSD is trying to break its 200 hour moving average and 50% retracement near the 1.1760 level. The EUR is the weakest with the GBP following.
