The stock market rallied on Thursday, with the S&P 500 closing with a fresh record. Investors assessed Federal Reserve Chair Jerome Powell’s testimony as he wrapped it up after two days. He reiterated that the central bank is in no hurry to cut rate, but such is likely to come this year.
Overall, S&P 500 was up 1.0% to 5,157, while NASDAQ increased 1.5% to 16,273.
Tweet of the Day
Getting close to a mid-late March seasonal bottoming time zone (based on the past 20 years' SPX index performances). SPX hit a low on March 13 in 2023; it hit a double bottom on March 8 &14 in 2022. Everyone should remember the Covid Crash low took place on March 23rd in 2020. pic.twitter.com/ZrJhfHz71A
— Master WU (@MasterPandaWu) March 5, 2024
Chart of the Day
Here is the ten-year chart of Old Dominion Freight Line (ODFL) as of February 13, 2024, when the stock was at $422.
Last quarter, Old Dominion Freight Line delivered just 1% profit growth on 0% revenue growth as freight demand is light due to a soft economy. There was not much demand for goods, as the company recorded a 2% decreased in less-than-truckload tons per day. On the bright side, price per hundredweight was up 3%.
Still, investors love the stock as ODFL hit an All-Time high after these results were released. David Sharek, Founder of School of Hard Stocks, believes that there is a turn coming, with better growth up ahead.
ODFL is on the radar for the Conservative Growth Portfolio.
