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Dow, S&P 500, Nasdaq end at records on the same day

Posted on Wednesday, September 13, 2017 at 9:21 am

(MarketWatch)

All three major U.S. stock indexes booked all-time closing highs on Tuesday, though gains were capped by unsteady trade in technology, after a brisk, broad-market run-up in the previous session.
It marks the first time all three benchmarks finished at records on the same day since July 26, underlining a resurgence, albeit measured, in buying on Wall Street. Investors also focused on a key product debut from Apple.
Robert Pavlik, chief market strategist at Boston Private Wealth, said recent moves are a combination of the unwind of the so-called fear trade, which has helped to lift rates and the banking sector-typically a bellwether for the rest of the economy-in tandem. He said the market has broadly offered signs that it is growing at a healthy, if not at a robust pace, which should be taken as a bullish sign.
Recent data may support that notion, with data showing job openings in the U.S. hitting a record in July. The Labor Department reported on Tuesday that openings edged up to 6.17 million in July from 6.12 million in June. It is the first time openings have topped 6 million for two straight months since the government began keeping track in 2000.
Moreover, incomes in the U.S. jumped last year, allowing the average American household to finally recover the ground it lost in the past two recessions, according to Census Bureau data.
“Today’s movement is a [further] unwinding of the fear trade,” Pavlik said. He has maintained a fairly rosy outlook for the S&P 500 with a year-end forecast at 2,535, less than 2% from present levels.