Daily Market Recap

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The S&P 500 closed at an all-time high as it posted a gain today of 0.65%. The NASDAQ posted a 13-year high with a gain today of 1.3%. The Dow was higher by 0.18%.

Google shares soared $122 to close above $1000. Several analysts aggressively raised their price targets on the search titan after they reported better than expected earnings. Strong earnings were not limited to the tech sector. Chipotle soared to over $500 a share as it posted a $70 point gain today after earnings. Industrial giant General Electric soared through resistance posting a 3.5% gain on strong earnings and guidance.

The energy sector gained 0.9% on a broad-based rally. Names benefitting from the advances in fracking technology continue to perform well. Drillers and exploration & production companies were also in favor.

Telecom, rails, technology, energy, and industrials were standouts today. The strength in net ad revenues at Goggle had a positive impact on all things Internet today. Momentum names in the tech sector were particularly strong today. Verizon’s strong quarterly earnings report had a positive impact on the telecom space.

Ingersoll Rand, General Electric, and Parker Hannifin all reported better than expected earnings and gave strong forward guidance in the industrial space. These reports come after several strong earnings reports from the sector earlier in the week. Airlines continue to trade higher on the strength of continued fundamental improvement and positive news regarding the American merger.

Media theme parks were strong today. These stocks are the beneficiaries of improving economic conditions and are strongly correlated to the industrial sector. Pure play content names underperformed today. Broadcasters gained on reports that Disney is considering selling in TV stations.

Healthcare underperformed as the risk on trade was in vogue today. Managed care was particularly weak. The space was hit hard after leader United Health missed earnings estimates.

Consumer staples underperformed discretionary stocks. Retailers were mixed. Home improvement stocks were particularly weak on negative analyst commentary. Chipotle led the restaurant space higher. Starbucks traded at a new all-time high.

Source: PFS Group

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