As investors await State of the Union Address, stocks resume their advance.
Investors were encouraged by the fact that during the current quarterly earnings season, nearly 75 percent of the reporting companies beat analysts’ expectations, allowing stocks to resume their advance to ever-higher levels. The Nasdaq was somewhat restrained, as Apple (NASDAQ:AAPL) sank 1.90 percent in the wake of a number of reports discussing the company’s shrinking market share for both tablets and smartphones.
As of 2:31 EST, the Dow Jones Industrial Average advanced 57 points (0.41 percent) to 14,028. The S&P 500 Index rose 0.23 percent to 1,520 (NYSEARCA:SPY). As the chart (at left) indicates, the S&P 500 remains above its previous resistance level of 1,470. Its next resistance level is in the 1,550 – 1,570 range. Its Relative Strength Index is 67.40 (Chart courtesy of Stockcharts.com). The Nasdaq Composite dipped 0.02 percent to 3,191 (NASDAQ:QQQ). The Russell 2000 Index climbed 0.45 percent to 917 (NYSEARCA:IWM). The Market Is Coiling, but Which Way Will It Break?
The “Dollar Bull” Index ETF (NYSEARCA:UUP) declined 6 cents (0.28 percent) to 21.86 as of 2:26 EST.
As of 2:14 EST, the S&P 500 Volatility Index – or VIX – declined 1.08 percent to 12.80 and the VIX Short-Term Futures ETN fell 0.97 percent to 22.38 (NYSEARCA:VXX).
The Euro STOXX 50 Index finished Tuesday’s trading session with a 1.00 percent jump to 2,648 – staying above its 50-day moving average of 2,540. After breaking above its resistance level of 2,700 on January 21, the STOXX 50 continues to experience resistance at that level, which has been a barrier since the beginning of the year. Its Relative Strength Index is 40.77 (NYSEARCA:FEZ). The FTSE 100 surged 0.98 percent to 6,338 (NYSEARCA:EWU). The German DAX Index advanced 0.35 percent to 7,660 (NYSEARCA:EWG). France’s CAC 40 Index climbed 0.99 percent to 3,686 (NYSEARCA:EWQ). Spain’s IBEX 35 Index skyrocketed 1.93 percent to 8,234 (NYSEARCA:EWP). Italy’s FTSE MIB Index advanced 0.69 percent to 16,644. (NYSEARCA:EWI).
As of 2:18 EST, the euro advanced 0.38 percent against the dollar, trading at $1.3455 (NYSEARCA:FXE).
April Gold Futures declined by $1.50 (0.09 percent) to $1,650.60 per ounce (NYSEARCA:GLD).