Mid-Session Market Comment 02-28-2014

Major market indexes  opened flat this morning and has been rising steadily since, and they are having moderate gains now.  GDP is slightly lower than expected but both the Chicago purchasing managers index and the consumer confidence index are better than expected. No big surprise of these data vs expectations serve to boaster the stock market today. Technically, S & P 500 broke to new record high today and attracted buying in the market. But there are concerns for the market. Gains of S & P 500 and the Dow are almost twice as much as those in the NASDAQ and Russell 2000 and their moves don't seem to be in steps. In addition there is no influential sector leading the market up. Regardless,  S & P 500 breaking  to new highs will likely take the Dow  up to challenge its new high at 16588. Cautiously optimistic is what I can use to describe the present market situation.