This story has been updated from the 1:28 p.m. EST post time to reflect a new all-time high.
The DJIA may be stuck in the mud because of its huge weighting of International Business Machines Corp. (NYSE: IBM) but the S&P 500 Index has now challenged and broken out to a new all-time high. One of the trends we identified that the D.C. settlement will not change is that this bull market in equities is likely to keep running higher and higher.
The S&P 500 was up about 6 points at 1,727.50 as of 1:20 p.m. EST and Thursday’s trading range had been 1,714.12 to 1,729.64 and the 52-week trading range is 1,343.35 to 1,729.86. The new all-time high is 1,730.24!!!
The S&P 500 was within 0.22 of reaching an all-time high earlier but has put in a new high now. This stock market never did get hit too hard during the height of the Washington panic, and we were never on the verge of a stock market crash. This is telling you something, and you should be listening to what it is telling you.
If you have really bad news in the works and an opportunity for the wheels to come off the wagon and nothing bad happens in the stock market, the market is telling you that it wants to surge higher. That is just the way it always has been and likely will be ahead.
Below is my market tweet @jonogg on the DJIA versus the S&P 500. Stay tuned.