Dow also erases its losses from yesterday
The major US stock indices are extending their gains. In the process the S&P has erased the losses from yesterday as has the Dow industrial average.
- The S&P index fell by 47.66 points. The S&P index is currently up around 46 points after reaching a high of 3408.65. The current price is trading at 3406.51, up 45.6 points.
- The Dow industrial average is currently up 434.5 points or 1.57% at 28207. Yesterday that index fell by 375.8 points
- The NASDAQ index is up 153.72 points or 1.38% at 11306.19. It is lagging the other indices. Yesterday the NASDAQ index fell by -177.88 points or -1.57%
Technically, looking at the S&P index on the daily chart below, the price remains above its 50 day moving average. That moving average currently comes in at 3371.62. The low for the day reached 3384.56. Stay above keeps the buyers more in control. At the September lows, the price tested its 100 day moving average (blue line), but could not extend below that level.