The markets may benefit from the recent upward momentum seen on
While the Dow is also climbing back toward the record highs set earlier this month, the tech-heavy Nasdaq has reached its best levels in almost two months.
"As measured by Investors Intelligence, the professional investor is widely bullish," Boockvar said. "Today, Bulls rose to 58.3 from 57.2, while Bears fell to 17.3 from 18.3. Bulls are just shy of the 3 readings seen in late December/early January, which were last seen in October '07, while bears are at 13 week lows."
Meanwhile, he added, "The new AAII read of the individual comes out tomorrow, but last week's Neutral camp was just shy of the highest since 2003, pointing to complete confusion."
A lack of major US economic data may lead to a lackluster performance in today's trading, with investors looking ahead to the release of reports on weekly jobless claims, pending home sales, and personal income and spending later in the week.
Among individual stocks, shares of
Luxury home builder
On the other hand, shares of
After moving mostly higher in early trading, stocks continued to perform well throughout the trading day on Tuesday. The gains on the day extended the recent upward move by the markets, with the S&P 500 reaching a new record closing high.
While the major averages all closed firmly in positive territory, the tech-heavy Nasdaq outperformed its counterparts. The Nasdaq jumped 51.26 point or 1.2% to 4,237.07, while the Dow rose 69.23 point or 0.4% to 16,675.50 and the S&P 500 climbed 11.38 points or 0.6% to 1,911.91.
In overseas trading, stock markets across the
Meanwhile, the major European markets are showing a lack of direction on the day. While the
In commodities trading, crude oil futures are edging down
On the currency front, the US dollar is trading at
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