U.S. markets traded higher despite worry over inflation fears and weaker-than-expected economic news to extend its winning streak to 4-straight sessions. The continued follow through remains a bullish signal as the 50-day moving averages for the major indexes are back in play.
The Nasdaq showed the strongest gains after zooming 1.9% and trading to an intraday high of 7,152 while closing back above its 50-day moving average.
The Russell 2000 rallied 1.8% after making a run to 1,523 to close back above the 1,500 level for the first time in five sessions. The index is less than 2% away from its 50-day moving average.
The S&P 500 surged 1.3% after trading to a high of 2,702 while closing just below the 2,700 level. The Dow jumped 1% after testing n intraday peak of 24,925. With today’s gains, both indexes pulled within 1% of their 50-day moving averages.
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