Courtesy of John Nyaradi.
US stock indexes and ETFs hit the ceiling again today, unable to climb above recent highs
U.S. stocks advanced slightly today on strong economic news from the home builder sector but weak earnings news.
New construction hit a high not seen since 2008 while IBM and Intel disappointed. In the after hours session, American Express added to the companies missing earnings expectations.
Spain remains a question mark as the country tries to dodge a formal bailout request and Moody’s kept the country out of junk status.
Major U.S. Index ETFs:
Dow Jones Industrial Average (NYSEARCA:DIA) +0.04%
S&P500 (NYSEARCA:SPY) +0.4%
Nasdaq 100 (NYSEARCA:QQQ) -0.1%
Russell 2000 (NYSEARCA:IWM) +0.85%.
So stocks remain stalled at recent resistance levels and VIX, the CBOE S&P 500 Volatility Index, also known as the “fear” indicator, fell slightly, dropping below its 50 day moving average of around 15. VIX Can’t Break 15
Bottom line: It was a quiet day on Wall Street as earnings news dampened positive economic reports. The interplay between earnings and economic reports will continue tomorrow.
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