- US stock markets return to positive territory
- Nasdaq reaches a record high
- EC cuts economic growth forecast for 2018
US stock markets returned to positive ground on Thursday after a losing streak earlier in the week.
The Nasdaq hit a record high after gaining 1.2%. The S&P 500 ended 0.8% higher, and the Dow Jones rose 0.9%. The small-cap Russell 2000 ended the day 0.3% higher. Trading volumes were higher on the Nasdaq but lower on the NYSE.
President Trump tried to remove some of the negative impacts on stock markets by claiming that he convinced European nations to increase their contributions toward defense expenditure. The New York Times, however, quoted leaders of more than one NATO country, who said they never agreed to that. The stock market nevertheless accepted the news at face value and strengthened.
The Innovator IBD 50 Fund surged 1.7% higher and is trading above its 50-day moving average. This exchange-traded fund is a reflection of what is happening with the IBD 50.
Stocks on the S&P 500 that strengthened between 3% and 4% included clear dental braces manufacturer Align Technology, open-source software firm Red Hat, chip manufacturer Texas Instruments, aerospace firm Northrop Grumman, and payment processing company Total System Services.
Total System Services fared particularly well. Its stock price rose 3% as it broke through the 90.84 buy level in a channel that was 9% deep. Trading volume was 54% higher than average.
On the European front, Economic and Financial Affairs, Taxation and Customs Commissioner Pierre Moscovici said that concerns about a trade war were harming Europe’s economy. The EC reduced its economic growth projection for the year from 2.3% to 2.1%.
In the US, first-time jobless claims came in at 214,000, lower than the market expectation of 225,000.
