Here’s a Breakdown of the Dow’s Record Day

Dow Jones Industrial Average sets another closing high.

Tuesday saw the Dow Jones Industrial Average (NYSEARCA:DIA) setting another record as the index closed at 14,662 with a gain of 0.61 percent. The S&P 500 (NYSEARCA:SPY) also set a closing high with a gain of 0.52 percent to close at 1570.24. The Nasdaq 100 (NYSEARCA:QQQ) gained 0.84 percent, while the Russell 2000 (NYSEARCA:IWM) failed to join in the action with a loss of 0.48 percent. The S&P 500 index continues toying with its record intraday close of 1576.09, last seen in October 2007, exactly 2,000 days ago.

In other major markets, oil (NYSEARCA:USO) gained 0.23 percent to close at $97.19/bbl, while gold (NYSEARCA:GLD) continued its bearish ways, dropping 1.48 percent to close at $1575.90/oz. Transports were down with the Dow Jones Transportation Index (NYSEARCA:IYT), losing 1.22 percent.

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Foreign markets were mostly higher, with major indexes in Europe and Asia gaining recently lost ground. Economic reports saw factory orders for February gaining 3 percent compared to the previous month’s -1.0 percent.

Technical indicators point to an overbought market with declining momentum near significant long-term resistance lines…

For the day, major sectors finished mostly in the green, with health care leading the way on strength generated by the U.S. Centers for Medicare and Medicaid Services increasing Medicare Advantage rates by 3.3 percent, greater than previously expected.

Consumer Discretionary (NYSEARCA:XLY) +0.84 percent

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Technology  (NYSEARCA:XLK) +0.40 percent

Industrials (NYSEARCA:XLI) -0.32 percent

Materials (NYSEARCA:XLB) -0.98 percent

Energy (NYSEARCA:XLE) -0.57 percent

Financials (NYSEARCA:XLF) +0.58 percent

Utilities (NYSEARCA:XLU) +0.33 percent

Health Care (NYSEARCA:XLV) +1.45 percent

Consumer Staples (NYSEARCA:XLP) +1.08 percent

Wednesday brings economic reports in the form of March ADP Private Sector Payrolls and March ISM Services Sector.

Bottom line: The Dow Jones Industrial Average sets another record close on another day as technical strength wanes and fundamental headwinds remain strong.

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John Nyaradi is the author of The ETF Investing Premium Newsletter.

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