After The Bell: Nasdaq Sets A Record As Stocks Rebound On Wall Street
(CBS) -- Stocks traded higher on Wednesday, recovering from Tuesday's sell-off as strength in technology pushed the NASDAQ to an all-time closing high of 5,106.59. The Dow and S&P 500 also followed suit, each gaining over a half percent by the closing bell.
"It would be nice if this kind of move continues, but I think there's a fair amount of resistance that will stop that from happening. One being weakness in other areas of the market, including the Dow transports," said Chuck Carlson, CEO of Horizon Investment Services.
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Investors continue to keep an eye on the Dow transports, which moved more than a percent higher Wednesday. Recently, the index has been trailing the broader industrials and this can signal trouble ahead for those who adhere to the Dow Theory investment strategy.
"We are still according to the Dow Theory in a bull market trend," said Carlson. "The lag in transports behind the industrials could be a concern and we are closely watching the connection between the two."
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