S&P Closes Above Key Level (SPX, FDX, DJI)
July 26, 2010 5:43 PM
The S&P 500 (SPX) today finished 12.35 points higher, or 1.12%, to close at 1,115.01 after FedEx (NYSE: FDX) raised its earnings forecast and new home sales came in better than expected.
FedEx helped buoy the bulls this morning after raising its first-quarter earnings outlook by 20 cents per share. Seen as a bellweather of the global economy, this news helped the markets post strong gains in early trading.
The Commerce Department said new home sales in June rebounded from a record low to an annual rate of 330,000 units, better than analysts had forecast.
The Dow Jones Industrial Average (DJI) closed 100 points higher, bringing its three-day gain to 405 points.
Many traders have noted that 1,113 on the S&P is the 200-day moving average. By closing above its 200-day moving average, the S&P is now above both its 50-day and 200-day moving averages. This is often viewed as a bullish indicator as the market is considering to be in an uptrend.
