Major U.S. stock indexes are trading at new highs as they react to weaker jobs data and the idea that inflation will ease and growth will be maintained. There can also be a squeeze as managers are still underweight and are forced into it.
The Dow Industrial Average leads. UnitedHealth, which fell sharply yesterday, is leading today with a gain of 2.96%. Microsoft is trading up 2.2% and nearing a 3-time high of $49.67. The current price is trading at $344.77. Caterpillar, Boeing and Chevron are also higher.
The S&P is back above the 4400 level, currently trading at 4406, up 33.37 points or 0.76%. This is the highest level since April 21.
The S&P is trading at its highest level since April above 4,400
The NASDAQ is now up 92 points, or 0.68%, at 13719.33. A 61.8% retracement of the move down from the 2021 high is the next major target at 13873.09.