Nasdaq 100 Hits New Peak – Mylan And Crude Oil Power Market – Buying Looks Promising
In an interesting and rare coincidence today, U.S Presidential Candidate Hillary Clinton and Incumbent Russian President Vladimir Putin came together to support Wall Street higher. U.S stocks including Nasdaq 100 index registered gains today as bulls were powered by the rally in oil prices and brightening prospects of Hillary Clinton becoming the 45th president of the U.S.
Crude prices took off after president Putin, delivered a speech at the energy conference in Istanbul, pledging Russia’s participation in international efforts to limit oil production to stabilize the market and prop up prices.
The Nasdaq 100 index recorded a new record high at 4905.17, led by a 9% increase in Mylan N.V shares. The pharmaceuticals company stated that its subsidiary Mylan Inc. had reached a $465 million settlement with the Justice Department and other government agencies in the case related to its mis-classification and mis-pricing of anti-allergy treatment EpiPen.
Advancing issues outnumbered declining issues by 70 to 30. Maxim Integrated Products Inc topped the list of worst performers, losing over 3%.
Buy Stop at 4897.50, Take profit at 4907.00, Stop loss at 4885.00