It was another quiet day during what’s expected to be a very quiet week. Meanwhile, the stock market continues to go off the charts.
First the scoreboard:
Dow: 15,056, +87.3 pts, +0.5%
S&P 500: 1,625, +8.4 pts, +0.5%
NASDAQ: 3,396, +3.6 pts, +0.1%
And now the top stories:
- Stocks staged yet another rally and closed at all-time highs. The Dow closed above 15,000 for the first time ever.
- “The rally’s resilience would argue that investors are upbeat but the data does not support the premise,” said who argues sentiment is a contrarian indicator for the stock market. “In our minds, this would imply that share prices can move even higher in the near term and an S&P 500 overshoot to 1,650-75 is plausible by the summer followed by some giveback later in the year.” ‘s Tobias Levkovich
- According to new data from the Federal Reserve, consumer credit balances grew by just $7.96 billion in March, which was much lower than the $15.60 billion expected. There was a big jump in nonrevolving debt (e.g. auto loans, student loans, mortgages). Of that, federal government lending to consumers, almost all of which is for student loans, surged by $3.9 billion.