“While many investors on Thursday were laser-focused on fired FBI Director James Comey’s testimony before the Senate intelligence committee, the U.S. stock market indices rose; the Dow rose to an all-time high, and the S&P 500 was in striking distance of its all-time high,” Rebecca Ungarino reports for CNBC. “Some say the market could be primed for a significant rally.”
“In a Thursday morning note to clients, Raymond James chief investment strategist Jeffrey Saut wrote that unless there is some kind of ‘headline shock’ in the forthcoming trading sessions, ‘we think the downside is contained and that the stage is being set for another leg to the upside,'” Ungarino reports.
“Political tension will likely continue as a ‘cloud’ over Washington, and this is a bigger problem than many people realize, wrote Miller Tabak equity strategist Matt Maley in a note to clients Thursday morning,” Ungarino reports. “‘Unless Comey drops a complete bomb shell … or crude oil begins to crash … the odds are pretty good that the stock markets will remain quiet until we hear from Janet Yellen next week,'” he wrote.”
Read more in the full article here.
MacDailyNews Take: Meanwhile, Apple (AAPL) has been down fractionally since the open. Even with that slight drag, the Dow has hit a new all-time high and the S&P 500 is close to one.
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