Stock Market Today: S&P Closes Above 2,000 for Second Day
NEW YORK (TheStreet) -- After flitting in and out of positive territory throughout Wednesday's entire trading session, the S&P 500
Watch the video below to see how U.S. markets ended the trading day Wednesday:
The Dow Jones Industrial Average
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Historical market statistics suggest a general trend higher after major psychological and technical breakthroughs are achieved. Chad Gassaway, an equities trader at Grace Trading, recently posted his study showing that the S&P 500 was, on average, positive almost 79% of the time two weeks after its first close above a big round number, 89% of the time three months after, and 82% of the time one year later.
With the S&P also just coming off a 4% pullback, Raymond James' chief investment strategist Jeffrey Saut added that the average gain following at least a 4% pullback since the last 10% correction in 2012 has been 12.13%. As of Tuesday's high, the market has rallied only about 5%. "We may still have some room to run if history decides to rhyme this time," said Saut. Companies grabbing the headlines Wednesday include Tiffany (TIF - Get Report) and Express (EXPR - Get Report) following their solid earnings results. Tiffany popped 0.97% to $101.75 after the luxury jewelry retailer posted better-than-expected second-quarter earnings of 96 cents and raised its full-year earnings outlook to $4.20 to $4.30 a share. Express surged 12.75% to $16.45 after beating earnings expectations and hiking its full-year outlook to between 85 cents and 95 cents a share.
Elizabeth Arden (RDEN) jumped 2.95% to $17.79 after the beauty products company said it plans to review a tender offer from affiliates of Rhone Capital.
In commodities trades, the United States Oil Fund LP ETF (USO) fell 0.03% to $35.03. The SPDR Gold Trust ETF (GLD) fell 0.02% to $123.33. Read More: Aug. 27 Premarket Briefing: 10 Things You Should Know --By Andrea Tse in New York Follow @AndreaTTse
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