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Monday, April 22, 2019
HomeNewsMarketsS&P 500 Closes at Highest Level Since October, Just 2% Off All-Time High

S&P 500 Closes at Highest Level Since October, Just 2% Off All-Time High

Markets concept depicting the American flag draped over the New York Stock Exchange (NYSE) at Wall Street. (Photo: AdobeStock)
Markets concept depicting the American flag draped over the New York Stock Exchange (NYSE) at Wall Street. (Photo: AdobeStock)
Markets concept depicting the American flag draped over the New York Stock Exchange (NYSE) at Wall Street. (Photo: AdobeStock)

Major Market Averages rallied Monday on strong economic data from the U.S. Census Bureau. The S&P 500 (^SPX) closed at the highest level since the second week of October 2018 and is just 2% off its all-time high.

The index was +32.79, or +1.16% to close at 2,867.19, the highest level since October 9, 2018 when it was 2,880.34. The 52-week and all-time is 2,869.35.

Retail sales were down 0.2% in February, sales are up 2.7% on the year. Total sales for the period from December 2018 through February 2019 were up 2.2% (±0.5%) from the same period a year ago. The December 2018 to January 2019 percent change was revised from up 0.2% (±0.5%) to up 0.7% (±0.3%).

Construction spending continued to unexpectedly gain during February, rising solidly 1.0% to a seasonally adjusted annual rate of $1,320.3 billion. That’s (±0.8%) above the revised January estimate of $1,307.3 billion, and beating the forecast range.

The Institute for Supply Management (ISM) manufacturing index (PMI) came in at a solid 55.3 in March, beating the consensus forecast. That’s up 1.1 percentage points from February and new orders remain very solid.

The consensus forecast was 54.2, ranging from a low of 53.0 to a high of 55.5.

Meanwhile, the Dow Jones Industrial Average (^DJI) was +329.74, or 1.27% higher to close at 26,258.42. The Dow is following its best quarter in nearly a decade.

The NASDAQ Composite (^IXIC) was +99.59, or 1.29% higher to close at 7,828.91.

Written by
Data Journalism Editor

Rich, the People's Pundit, is the Data Journalism Editor at PPD and Director of the PPD Election Projection Model. He is also the Director of Big Data Poll, and author of "Our Virtuous Republic: The Forgotten Clause in the American Social Contract."

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    The market went down at the end of 2018 and recovered at the start of 2019. Sell!Buy!No,Sell! It’s rediculous.

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