By Ben Levisohn Sept. 21, 2018 9:25 a.m. ET
Heating Up. Friday’s picking up where Thursday left off. Stocks were heading higher, and September, which is supposed to be the worst month of the year, has instead seen the Dow Jones Industrial Average hit a new all-time high. Micron Technology was falling after releasing earnings, while AT&T was gaining after an upgrade. In today’s Morning Movers, we…
Photo: Siddharth Parmar
•…look at market strength overseas;
•…wonder if the Dow’s new highs can boost confidence;
•…and highlight Pier 1 Imports’ big drop.
Feeling the Fever
This is certainly looking more and more like a melt up, even if it’s taking place in slow motion.
After hitting new highs yesterday, the S&P 500and the Dow Jones Industrial Averagelook set to do it again. S&P 500 futures have advanced 0.1%, while Dow Jones Industrial Average futures have gained 55 points, or 0.2%. Nasdaq Compositefutures have risen 0.2%.
“The week is closing off with risk-on sentiment in a feverish more,” writes Gluskin Sheff’s David Rosenberg. And for once, it isn’t just the U.S. that’s rallying. China’s Shanghai Compositerose 2.5% today, and the Euro Stoxx 50has risen 0.5%. Rosenberg attributes the fervor to China’s plan to cut taxes to boost consumer spending.
The Dow, however, has been rallying like few others. It’s up 2.7% in September, a month that is supposed to be terrible for stocks (and has been for the Nasdaq, which has dropped 1%). The blue-chip benchmark has advanced 7.8% this year, which still lags behind the Nasdaq’s 16% gain,