Finally the S+P 500 joins the race to the top

For a long time now the S+P 500 had been lagging both the Dow Jones and the Nasdaq 100 in refusing to set new records. Well, that is not the case anymore, as the index lifted above the previous record at 4,818 on January 19. The price action since then has seen the S+P set a new all time record high at 4,906 on Friday. It could not quite sustain all of the move when closing just 3 points lower, at 4,890. Nevertheless, that was still a record weekly close for the S+P 500. The move higher has been buoyed by a series of better than expected US earnings reports and a rebound from recent lows in the Chinese markets. It also comes set against a backdrop of a rise in US yields ahead of the weekend. There are many more US companies within the index reporting this week and that is something to consider ahead of the Fed policy decision and the month end on Wednesday. That said, the S+P futures are on session highs right now this morning, currently indicating a largely unchanged opening for later today