It was time for the laggard indices to take control today. Both the Dow industrial average and the Russell 2000 of small-cap stocks outperformed the NASDAQ which is been the big outperformer in 2023.
The final numbers for the day are showing:
- Dow industrial average rose 797 points or 2.12% at 33762.59. That was the strongest percentage gain since January 6 when that index rose 2.13%
- S&P index rose 61.34 points or 1.45% at 4282.35. The S&P is closing the 2nd week in a row above its 100-week moving average (at 4199.50). The gain today was the largest sense May 5.Bullish.
- NASDAQ index rose 139.77 points or 1.07% at 13240.76. The low price this week in the NASDAQ stalled right against its 100-week moving average at 12889.20. The high price and close extended above the fit percent midpoint of the move down from the all-time high in 2022 at 13150.53. Bullish.
- Russell 2000 index of small-cap stocks surged 62.96 points or 3.56% to 1830.905. That gain was the largest since November 10, 2022 when the index soared by 6.108%
Year to date, the Russell 2000 and Dow Industrial Average have lagged the other broader and tech heavy indices. For the 2023 trading year
- Dow Jones industrial average is up 1.86%
- S&P index is up 11.54%
- NASDAQ index is up 26.51%
- Russell 2000 is up 3.95%
For the trading week, the snapshot shows:
- Dow Jones industrial average up 2.02%
- S&P index up 1.83%
- Nasdaq up 2.04% and up for the 6th consecutive week.
- Russell 2000 up 3.26%
A good day for all US indices and a good week as well.
This article was written by Greg Michalowski at www.forexlive.com.