It was a great week for stocks.
On Monday, traders set the tone for the week with nice gains across the board. Tuesday was higher as well, and the major indices were sitting on a 4-day win streak.
But the win streak came to an end on Wednesday, with stocks trading back around where the week started.
Wednesday’s loss was just a blip on a bull’s radar though. Stocks bounced right back with back-to-back winning days to end the week.
By the end of the week, the NASDAQ was at record highs and the S&P was trading at 5-month highs.
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Here’s where the major indices ended the week:
- The S&P finished with a 1.5% gain. Up 41 points, the S&P ended at 2,801.
- The DOW ended 2.3% higher. Adding 563 points, the DOW closed at 25,019.
- The NASDAQ was up 1.8%. With a 138 point gain, the NASDAQ finished at 7,826.
- Bitcoin ended 6.0% lower. Dropping $395, Bitcoin is trading at $6,180.
Crude Oil (CL) finished lower for the 2nd week straight. Down 3.7%, CL ended at $71.01 a barrel.
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Tech stocks were busy making new records last week. Amazon (AMZN) was up 6.0% with a new record, Microsoft (MSFT) was higher by 4.2% at record levels, and Facebook (FB) was up 2.% with a new entry in the record books as well.
On Friday, traders were waiting for banks to report earnings and results were mixed. JPMorgan Chase (JPM)beat profit estimates and was down 0.5%, Citigroup (C) beat expectations as well but was down 2.2%, and Wells Fargo (WFC) had an earnings miss and ended with a 1.2% loss.
AT&T (T) was also lower after news that the Justice Department has appealed AT&T’s acquisition of Time Warner. AT&T was down 1.7% on Friday.
In addition to the economic calendar, we’ll have more earnings to digest this week. Although banks didn’t do too well Friday, traders are expecting a strong earnings season.
Source: RockwellTrading by Markus Heitkoetter | Original Link