This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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  ended almost where it was after Tuesday's closing -- just above 2,000. The markets were trading indecisively throughout the day, catching their breath in the absence of any new economic catalysts.

Watch the video below to see how U.S. markets ended the trading day Wednesday:


WATCH: More market update videos on TheStreet TV

The Dow Jones Industrial Average  closed up 0.09% to 17,122.01. The S&P closed flat at 2,000.12. The Nasdaq  fell 0.02% to 4,569.62.

Read More: Why Low Volume Isn't an Ominous Sign for Stock Market's Rally

Market-watchers are generally convinced that equities will continue to grind higher thanks to the reassurances of more years of ultra-low interest rates in the U.S., accommodative policy in Europe, and improving corporate performances with help from the Federal Reserve. Stocks, though, also are rising increasingly on their own merits.

"Earnings are just getting better," said Karyn Cavanaugh, senior market strategist with Voya Investment Management. "The Fed has helped, but companies going out there and growing their profits has been the catalyst for the market."

Read More: 10 Most Comfortable Cars Under $30,000

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
EXPR $16.94 0.00%
TIF $84.59 0.00%
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs