S&P 500 hits intraday record high, aided by financials

S&P 500 hits intraday record high, aided by financials

• US stocks touch the best levels ever

A broad array of gains in non-tech equities helped lift the S&P 500 to a record high today, in a sign of wider buying and less concentration in tech. The S&P 500 rose 37 points to an all-time high of 6572 a short time ago.

Topping the list are:

• MU
• ABBV
• GS
• CAT
• MMM
• MS
• LOW
• HD
• WMT
• GM

Many of these are names that will benefit from rate cuts and that's likely a reaction to a poor initial jobless claims report today and hopes that the Fed will be more-aggressive with rate cuts.

A long laggard is NFLX, down 2% after its chief product officer (the guy who really embraced reality TV and low-brow entertainment) left the company.

Deutche Bank today raised its year-end target for the S&P 500 to 7000 and I find it hard to argue with them.