The Market Is Still Churning Higher

The Market Is Still Churning Higher

Market Outlook

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U.S. stocks posted a fourth straight week of increases but ended last week little changed as losses in healthcare shares offset gains in energy. The S&P 500, which hasn’t made a 1 percent move this month, is now up 10.4 percent for the year. For the week, the Dow and S&P 500 rose 0.4 percent and the Nasdaq climbed 1.2 percent. The updated year-to-date performance chart below has Treasury bonds as far-and-away the best performing asset class while precious metals have been atrocious.

Investor Analysis

Biotech stocks were among biggest decliners in the S&P health care index, which fell 0.8 percent and was the biggest drag on the S&P 500. As we mentioned last week

“…The Health Care sector has been one of the best performers recently, but is starting to fall after the U.S. Supreme Court agreed to hear a challenge to a key part of the Obamacare health law that, if successful, would limit the availability of federal health insurance subsidies for millions of Americans…Industrials have been coming on strong over the past month…”

The biggest change from recent weeks is the plunge in the Utilities sector which had been leading the market. This suggests that traders are looking to accept riskier assets at the expense of dumping risk adverse assets like Utility stocks.

By Gregory Clay

Investment Strategist

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The Market Is Still Churning Higher

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