S&P 500 Breaks 1,400

The S&P 500 finally broke 1,400 this morning after coming very close several times during the day on Monday. The Nasdaq has burst through 3,000.

Shares of JPMorgan Chase ($JPM) got as high as $37.67 this morning. That’s a post-Whale high. Bear in mind, the stock was at $46 in April. It’s a good lesson in investing that the whole episode cost JPM about one-third of their market value, which is a nice counter argument to the idea of efficient markets.

Earnings season is almost over for us. The last one is Sysco ($SYY) and that’s due on Monday. After that, we turn to the January-April-July-October cycle stocks and we have two, Medtronic ($MDT) and Jos. A. Banks ($JOSB). But those won’t report until the end of the month.

Today’s rally is being led by cyclicals for a change. Energy and Industrials are both doing well today. Energy is probably being aided by the huge fire in California. Defensive sectors like Healthcare and Utilities are mostly unchanged.

Posted by on August 7th, 2012 at 10:29 am


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