The major stock indices are higher after the 7% CPI reading (highest since 1982). The NASDAQ is leading the way as it cheers on the spike on inflation and anticipates better days ahead. Yesterday the major indices moved higher in the dollar lower after the Fed chair in his renomination testimony lowered the upside heat in the interest rate complex.
A snapshot of the market currently shows:
- Dow industrial average up 102 points or 0.28% at 36355
- S&P up 19.3 points or 0.41% at 4732.37.
- NASDAQ index up 135 points or 0.89% at 15289
Looking at the S&P index, the next upside target comes in at 4743.83. That was the swing high (all-time high price at the time) going back to November 22. At the end of December, the price moved above that level and stayed above for a consecutive days before moving below on January 5. The swing high in early trading today tested that level at 4743.07.
S&P index test the November all-time high
