The major US stock indices are closing with mixed results. There was a rotation out of the NASDAQ and S&P indices, into the Dow industrial average and the small-cap Russell 2000. That rotation came after the S&P tried to get a new intraday high, and the NASDAQ index moved above its all-time high closing level at 16057.44, but failing on that move higher.
The final numbers are showing:
- Dow Industrial Average Rose 125.69 points or 0.33% at 38797.37
- S&P index fell -4.79 points or -0.10% at 5021.83
- NASDAQ index fell -48.13 points or -0.30% at 15942.54
The Russell 2000 index meanwhile gained 35.26 points or 1.75% at 2045.25. The high price for 2023 was reached on December 27 at 2071.78. Looking at the daily chart of the Russell 2000, is closing just below its 50% midpoint of the move down from its 2021 high. That level comes in at 2046.26. A move above that level and the high from 2023 would open the door for further upside momentum in the small-cap index.
The Russell 2000 index is trading near the 50% midpoint