S&P 500 finds purchase above a long-term trend line for the first time since late October
The S&P 500 index climbed 1.2% midday Wednesday, trading above its long-term trend line for the first time in a few weeks. The S&P 500 index was trading near 2,790 in recent action, putting the broad-market benchmark above its 200-day moving average at 2,763.54 for the first time since Oct. 22, according to FactSet data. Moving averages are viewed by market technicians as dividing lines between bullish and bearish momentum in an asset. The S&P 500 also was joining the Dow Jones Industrial Average in attempting to creep above a key line in the sand. The Dow was trading above its short-term 50-day MA for the first time since early October. A rally in U.S. equity benchmarks comes after closely watched midterm elections resulted in a divided Congress, with Democrats taking the House and the GOP retaining control of the Senate. The split may result in gridlock in Washington, delaying the legislative agenda for Republican President Donald Trump but some investors were viewing the elections as at least removing one measure of uncertainty from markets that have been knocked around by a plethora of anxieties. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.