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S&P posts first-ever close above 2,000

  • Stocks eked out small gains but they were enough to propel the S&P 500 to its first-ever close above 2,000, as the path of least resistance continues to the upside.
  • Today's better than expected report on durable goods orders reinforces market optimism about the economy, says BTIG's Dan Greenhaus, even though much of the gains came on increased demand for commercial aircraft.
  • Biotech stocks outperformed for the second day in a row, with the top biotech ETF rising to a new record high; energy and financials also finished ahead of the broader market.
  • Trading volume remains very light, but today's ~500M shares traded on the NYSE floor was at least a bit heavier than yesterday.
  • Treasurys ended little changed, with the 10-year yield closing at 2.39%.
Comments (3)
  • Albright85
    , contributor
    Comments (33) | Send Message
     
    What I can't figure out is if the 2014 run up is fundamentally justified, or if we're in for a correction soon. The bears have been calling for a correction since 2013, and it's been nothing but up... The problem with crying wolf, is that eventually there will be a wolf.
    26 Aug, 11:38 PM Reply Like
  • Jsuse
    , contributor
    Comments (27) | Send Message
     
    Guess with all the macro-economic factors, that's what's everyone is trying to figure out, going around saying margin debts too high or P/E are too high seems like it's taking an overly narrow view. But yes totally agree on the crying wolf, and those guys calling for a 20% correction in 2013, when it finally happens, will be saying they "predicted" it in 2013.
    27 Aug, 02:54 AM Reply Like
  • Krustyman
    , contributor
    Comments (887) | Send Message
     
    The S&P 500 is selling for 15x 2015 earnings.

     

    We are certainly in bubble territory. :)

     

    Krusty
    27 Aug, 03:54 AM Reply Like
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