MW: Why U.S. stocks are on their marks to go faster, higher, stronger
Wall Street looks like its catching the spirit of Team USA, which has been raking in medals left and right in Rio.
Traders stagedWall Street looks like its catching the spirit of Team USA, which has been raking in medals left and right in Rio.
Traders staged their own gold rush Thursday, as the S&P SPX, +0.47% , Dow DJIA, +0.64% and the Nasdaq COMP, +0.46% all simultaneously closed at records for the first time since 1999.
Maybe Team Wall Street is getting its coaching tips from the all-crushing juggernaut that is the U.S. women’s gymnastics squad:
their own gold rush Thursday, as the S&P SPX, +0.47% , Dow DJIA, +0.64% and the Nasdaq COMP, +0.46% all simultaneously closed at records for the first time since 1999.
And that patriotic tone rings through our call of the day from Morgan Stanley, which says the U.S. stock market is “the best one in the world.” Why the enthusiasm?
“Because we think EPS expectations are reasonably achievable for the next two quarters, that the base case for the U.S. is positive earnings growth, whereas it is a decline in any other region of the world,” says Morgan Stanley’s Adam Parker.
More from him below. Let’s see if stocks can end the week faster, higher, stronger.
Key market gauges
Futures for the S&P ESU6, -0.11% , Dow YMU6, -0.12% and Nasdaq NQU6, -0.06% are listless following the indexes’ notable finishes on Thursday. Europe SXXP, -0.23% is wavering, but Asian stocks NIK, +1.10% HSI, +0.83% advanced.
Gold GCZ6, +0.76% is trading lower, while the ICE U.S. Dollar Index DXY, -0.62% turned lower. Oil CLU6, +0.34% is gaining modestly, on track for a more than 4% jump this week.
Maybe Team Wall Street is getting its coaching tips from the all-crushing juggernaut that is the U.S. women’s gymnastics squad:
