Hello Traders everywhere. The S&P 500 hit a record intraday high of 2,495.69 this morning aiming for the 2,500 level. This move has been led by gains in financial and industrial stocks after Irma weakened to a tropical depression, but declines technology stocks are weighing on the DOW and NASDAQ after significant gains on Monday.
Irma, which had rampaged through the Caribbean before making landfall in Florida as one of the most powerful Atlantic hurricanes, weakened to a tropical depression, diminishing concerns about the severity of its financial impact.
The market also seemed to breathe a sigh of relief after North Korea held off on a nuclear test over the weekend. This decision came on the heels of a successful test of a hydrogen bomb on Sept. 3, which in turn sparked outrage from the international community.
In response, the U.N. Security Council unanimously voted to cap North Korea's crude oil imports and ban its textile exports.
Key levels to watch this week:
S&P 500 (CME:SP500): 2,417.35
Dow (INDEX:DJI): 21,600.34
NASDAQ (NASDAQ:COMP): 6,177.19
Gold (NYMEX:GC.Z17.E): 1,344.60
Crude Oil (NYMEX:CL.V17.E): 48.44
U.S. Dollar (NYBOT:DX.U17.E): 93.55
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
