Dow Jumps 600 Points to Record as Trump Signs Iran Memorandum
U.S. equity markets surged to new record highs today. This massive rally gained steam after President Trump signed a memorandum for a preliminary Iran diplomatic deal. Consequently, investor sentiment turned overwhelmingly positive across all major sectors.
As a result, major indices finished the session with spectacular gains. Specifically, the Dow Jones Industrial Average (DJIA) jumped 617.31 points (+1.21%) to close at 51,819.57. Meanwhile, the S&P 500 advanced 132.54 points (+1.78%) to end at 7,564.00. In addition, the tech-heavy Nasdaq Composite led the charge by surging 782.556 points (+3.02%) to finish at 26,671.40.
Dow Jones Industrial Average (INDU)
The DJIA successfully reached a fresh all-time record high during today’s trading session. Due to this powerful breakout, the index remains firmly on track to move even higher. Technical indicators suggest that the index is now targeting the 127.2% Fibonacci Extension level next. Therefore, the broader bullish trend remains completely intact as buyers control the market momentum.
Home Depot, Inc. (HD)
In contrast, Home Depot, Inc. (HD) displayed a more hesitant performance today. The stock originally opened near its key EMA 100 level and attempted to extend its intraday gains. However, overhead selling pressure triggered a clear price rejection for now. If the share prices turn lower tomorrow with strong momentum, we might see a continuation of the bearish move. On the upside, a bullish extension could change the immediate outlook. In that case, the EMA 200 and the previous swing high will become the next logical targets for buyers to watch.