Stocks march to new highs, Nasdaq clears 5,000 for first time in 15 years
Stocks began the new month in strong style, with the Nasdaq closing above the 5,000 level for the first time since March 2000 and the Dow and S&P 500 setting records, as investors cheered U.S. economic data and an interest rate cut in China.
Peter Boockvar notes that "for perspective purposes, the 5,000 figure of course is a nominal level. In order to reach its inflation-adjusted peak, the Nasdaq will have to touch about 6,900, 38% above 5,000."
Economic reports out today that pointed to a slowdown in manufacturing activity and consumer spending, but the data was considered positive in light of the west coast port shutdown.
The consumer discretionary sector (+1.2%) led all gainers, followed by information technology (+1%), health care (+0.9%), financials (+0.8%) and industrials (+0.8%); the energy sector (-0.7%) lagged.
Treasurys sold off as stocks rallied, with the yield on the benchmark 10-year note jumping 8 bps to 2.08% during the cash session.
Oil prices gyrated to trade below $49/bbl early, moving back above $51 later and ultimately settling pit trading $0.17 lower at $49.59/bbl.
NYSE volume totaled 740M shares, well below the 50-day average of 813M shares.
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