Wednesday, 24 April 2019

US stocks at record high after “really solid earnings reports”

Markets were mostly higher on Tuesday.

The S&P 500 rose 0.9 percent to close at a record high, the STOXX Europe 600 rose 0.2 percent and the Nikkei 225 rose 0.2 percent.

Lindsey Bell, investment strategist with CFRA research, said that potential new closing highs “are being driven by some really solid earnings reports today”.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said that corporate results “indicate an improving world economy”.

Meanwhile, Bob Pisani at CNBC noted that even as the stock market hit new highs, europhia is missing.

“It's not just today, it's been dead for weeks,” he quoted a trader as saying.

“The lack of euphoria or its opposite — the lack of worry — is one reason many traders are enthusiastic about the near-term. It means many are still sitting on the sidelines and they may now be dragged into the markets after seeing the new high headlines,” he concluded.

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