Market Moves

The S&P 500 (SPX) and the Nasdaq 100 (NDX) both closed near their all-time highs while the Dow Jones Industrial Average (DJX) and the Russell 2000 (RUT) small-cap index moved higher as well. As the large-cap stock indexes push against old resistance, it seems as if the market has nowhere to go but up. Most stocks seem poised to go higher, potentially launching the indexes into still higher levels than any yet seen.

The moves higher today were mild, but that is typical of bull markets. Two surprising outcomes were that today Amazon.com, Inc. (AMZN) and yesterday 3M Company (MMM) reported surprisingly negative news associated with their earnings. Despite this, both stocks rose significantly today. This adds evidence to the notion that investors prefer to be buyers of stocks right now. As the chart below shows, bonds have lagged behind stocks for the past two months, demonstrating that investors are indeed shifting from other investments back into stocks.

Chart showing the performance of the S&P 500 index

Gold Is on the Rise, Lifting Gold Miners Along the Way

Gold prices, as tracked by State Street's SPDR Gold Trust ETF (GLD), have lagged a bit behind stocks, but the precious metal is up a respectable 15% so far this year. However, where gold prices go timidly, gold mining stocks go boldly.

Mining companies are up significantly since June on the news of a rise in the price of the precious metal. Shares of AngloGold Ashanti Limited (AU), Eldorado Gold Corporation (EGO), Newmont Goldcorp Corporation (NEM), Barrick Gold Corporation (ABX), and Royal Gold, Inc. (RGLD) are all rising more dramatically than gold over the past four months.

Chart showing the performance of gold prices and gold miner stocks

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Home Depot gets Help From the Homebuilding Industry

Shares of The Home Depot, Inc. (HD) rise and fall based on what is happening in the homebuilding industry. So far, 2019 has been a good year for that industry, and sales of tools, building, and remodeling supplies have also been on the rise as new home construction continues apace across the Unite States. Homebuilders have surged over the past week, while Home Depot shares have sunk. Could this be sending the message that Home Depot is readying another move higher as it resumes its trend?

Chart showing the share price performance of The Home Depot, Inc. (HD) and the homebuilding sector ETF (XHB)

The Bottom Line

Bonds have lagged over the past two weeks as stock indexes closed near their all-time highs. Gold prices have seen a new uptick as gold-mining stocks have risen significantly over the past several months. Another industry that has had a good year so far is the homebuilding industry, and one stock that benefits is Home Depot.

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