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The Bears Get Smoked as the S&P 500 Hits a New Record High


Today's financial recap and tomorrow's financial outlook.

Equity markets rallied on some positive economic data and ongoing activity from central banks.

The S&P 500 (INDEXSP:INX) broke the 1,700 mark for the first time to hit a new all-time high. We also saw record levels in the Dow Jones Industrial Average (INDEXDJX:.DJI) and Russell 2000 (INDEXRUSSELL:RUT) indices today.

China's PMI topped estimates, while stateside, the ISM manufacturing index came in at 55.4 vs. the 53.1 consensus. On the negative side, US construction spending fell short of the 0.4% expected by economists, coming in at -0.6%.

Initial jobless claims were much better than expected at 326K, 19K below consensus.

And on the central bank front, the ECB kept its target rate at 0.5% and said it expects rates to stay low, or go even lower, for the foreseeable future.

Yelp Inc (NASDAQ:YELP) jumped 25% after reporting better-than-expected earnings and receiving three analyst upgrades.

The Energy Select Sector SPDR ETF (NYSEARCA:XLE) outperformed on the day, pushing 1.6% higher as crude oil prices spiked.

The ProShares UltraShort 20+ Year Treasury ETF (NYSEARCA:TBT) pushed 4% higher on the day as US Treasury prices reversed yesterday's gains.

Tomorrow's Financial Outlook

The unemployment report will be released at 8:30 a.m. EDT. Nonfarm payrolls are expected to come in at 175K, while the unemployment rate is expected to fall from 7.6% to 7.5%. Personal income and outlays will also be released at 8:30 a.m. Both are expected to increase by 0.4%. Factory orders will be reported at 10:00 a.m.

Twitter: @Minyanville

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No positions in stocks mentioned.

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