After two choppy trading session, stocks were lower ahead of the 4th of July holiday. But after Wednesday’s fireworks, stocks were moving nicely.
On Thursday, stocks were higher. And on Friday, a big rally left the major indices higher at high’s of the week. All this is in spite of a trade war with China “officially” starting Thursday at midnight!
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Here’s what traders focused on last week:
- The Jobs Report – Non-Farm Jobs increased more than expected, with 213,000 added compared to a 195,000 forecast. Average hourly earnings were up 0.2%, a notch lower than the 0.3% that was expected, and the Unemployment Rate was slightly higher at 4.0% versus the 3.8% report from May. The report was considered to be positive by traders.
- Trade with China – On Thursday, tariffs on $34 billion worth of Chinese goods went into effect and China did the same. President Trump continued with his threats on the possibility of another $500 billion in tariffs if China continues to retaliate.
- Trade with the European Union – On a positive note, there were reports that the U.S. and European Union are working on eliminating tariffs on auto imports.
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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 2,760.
- The DOW ended 0.8% higher. Adding 185 points, the DOW closed at 24,456.
- The NASDAQ was up 2.4%. With a 178 point gain, the NASDAQ finished at 7,688.
- Bitcoin ended 11.7% higher. Adding $690, Bitcoin is trading at $6,575.
Crude Oil (CL) rallied past $75 a barrel and traded at multi-year highs, but eventually ended the week lower. Down 0.5%, CL ended at $73.77 a barrel.
Biogen (BIIB) was a big winner last week. The stock was up 23.2% after announcing positive results from a Phase II trial for their Alzheimer’s treatment.
Tech stocks were up nicely last week, but Facebook (FB) was a FANG stock that stood out. With a 4.6% gain last week, FB hit an intraday record high and finished the week with its highest weekly close ever.
Tesla (TSLA) had a rough week. Elon Musk announced that they hit their June Model 3 production goal of 5,000 cars a week and the stock opened higher on Monday. But after that, Tesla sold-off and finished the week with a 10% loss. Some of the sell-off (if not all) had to do with concerns that some safety goals were overlooked in order to hit their desired production numbers.
Source: RockwellTrading by Markus Heitkoetter | Original Link