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22k Day

DOW + 54 = 22,016
SPX + 1 = 2477
NAS – 0.29 = 6362
RUT – 15 = 1412
10 Y + .01 = 2.26%
OIL + .45 = 49.61
GOLD – 2.00 = 1267.20
BITCOIN + 0.06% = 2739.83 USD
ETHEREUM – 0.59% = 218.89

The Dow closed above 22,000 for the first time ever. Not a big surprise. After the closing bell last night, Apple reported a strong quarter for earnings, and the stock moved to a record high, which carried over to today’s trading.

Apple jumped 4.73 percent to a record high. It is up 36 percent this year. Apple’s gains helped push the Dow to a record closing high, although tech heavyweights Microsoft, Facebook and Alphabet all lost ground following recent strong gains that have made the sector the strongest performer in 2017.

The Dow has risen 11 percent in 2017 and hit its sixth straight record close today. The Dow hit the 20,000 level in late January and crossed the 21,000 mark on March 1. The last time the S&P pulled back by 5 percent or more was just ahead of the election when it gave back 5 percent. There also was a sell-off after the June 2016 Brexit vote of 6 percent.

The last large correction was the more than 11 percent pullback that ended in February 2016. So, some of the techs are pulling back now but it is not a sharp pullback, rather a pause to catch your breath; all very orderly and neat, at least for now. The bears haven’t had enough power to break it down and there is still buying interest.

Two-thirds of S&P 500 companies have reported their second-quarter earnings so far and 72 percent of them have beaten Wall Street’s expectations, according to Thomson Reuters I/B/E/S. In a typical quarter, 64 percent of companies beat expectations.

The Dollar index was down slightly again today at 92.7, and it is now at a critical level of long-term support. At some point over the next few days, we should see a bounce or a breakdown. The U.S. dollar index has fallen more than 9 percent this year to its lowest since May 2016.

A weaker dollar is good for US companies with international exposure. Goldman has developed a basket of 50 S&P 500 stocks with a high percentage of international sales. Those companies should do well with a weaker dollar. So far, the group has climbed 18 percent this year, versus 7 percent gains for Goldman’s basket of stocks with domestically-generated sales. The S&P 500 has risen 10.5 percent this year.

Can anything stop the euro? That’s a serious question...