Stocks Surge Higher; S&P 500 Hits New All-time High
US stocks continued their rally on Friday, opening in the black and moving higher through most of the trading session. With a dearth of economic news, investors focused on the potential for tapering of the bond purchase program which seems likely to bypass the December FOMC meeting. There are very few data points that will change this outlook with the exception of the November employment report which is scheduled for the first week of December.
In corporate news, Intel (NASDAQ:INTC) announced that 2014 revenue will be flat. The company expects that its 2014 revenue will show no growth compared with 2013, when it is expected to earn $52.6 billion. Intel’s projections are below consensus for an increase of 2.1%, but it is aiming for a return to growth in 2015. Bill Ackman, the activist investor, is set to launch new attack on Herbalife (NYSE:HLF) . The company’s shares are on have rallied putting the hedge fund titan in a serious whole. Ackman is expected to renew his attack on the company with a presentation at a conference.
The Federal Reserve is getting closer to attaining a new chairman. Janet Yellen’s confirmation as the next Federal Reserve chief moved closer on Thursday when a Senate committee approved her nomination and Senate Democrats eased the confirmation process. The Senate Banking Committee voted 14-8 to approve Ms. Yellen’s nomination, sending her name to the full Senate for a final confirmation vote.
The Dow Industrials continued to march higher, closing above 16,000 for the second consecutive day. Momentum on the index is strong as the MACD is printing in positive territory with an upward sloping trajectory. The RSI is also showing strength printing near 69 which is on the upper end of the neutral range. A print above 70 would signal an overbought condition.
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