Stocks finished the week mixed after another volatile week of trading.
It looked like we were going to finish the week on a positive note. After a higher start on Friday, stocks continued to rally in the morning.
But a lunchtime sell-off erased the morning’s early gains, and the S&P and DOW ended the day in negative territory.
It was the 10th losing day for the S&P out of the last 12 trading sessions.
Friday was also the 31st anniversary of the 1987 crash. On October 19th, 1987, the DOW plummeted, losing over 500 points which lead to a widespread market panic.
—- IMPORTANT —-
On October 24, 2018 Stansberry Research is hosting what could end up being one of the largest online events of all time.
It’s a night filled with money-making secrets from one of the greatest minds in finance – plus a huge warning on when to expect the longest bull market in history to come to a screeching halt.
Dr. Steve Sjuggerud’s Melt Up Event – Claim Your FREE Spot Here!
Here’s what traders were focused on last week:
- The Fed – On Wednesday, September’s Fed Minutes were released, showing that most members still feel gradual rate hikes are necessary. The probability of a December rate hike is now 83.7% based on the CME FedWatch Tool (up from 79.8% a week earlier).
- Earnings – Third Quarter earnings have been strong. According to FactSet, out of the 15% of the companies in the S&P500 that have reported, 85% have topped analyst expectations.
- China – On Thursday, the Shanghai Composite hit a 4-year low. And on Friday, China reported that its economy expanded at the slowest pace in 10 years (based on an annualized GDP of 6.5%). Why worry about China? China is the 2nd largest economy in the world. And an economic slowdown could carry over into other economies.
— TRENDING NOW—
FREE STOCK TRADING WEBINAR
Experienced Biotech stock investor, Kyle Dennis, will be showing you 3 easy-to-follow steps that you’re going to want in your playbook & he’s got the numbers to prove it!
Here’s where the major indices ended the week:
- The S&P finished flat. Higher by less than a point, the S&P ended at 2,768.
- The DOW ended with a 0.4% gain. Adding 104 points, the DOW closed at 25,444.
- The NASDAQ was down 0.6%. With a 48 point loss, the NASDAQ finished at 7,449.
- Bitcoin finished 3.7% higher. Up $225, Bitcoin ended at $6,375.
— TRENDING NOW—
$330,000 per year trading part-time?
Check Out This Video to Learn Jason’s 3 Simple Trading Patterns
Crude Oil (CL) ended lower for the 2nd week in a row. Down 2.9%, CL finished at $69.27.
In earnings news, Procter & Gamble (PG) had a great Friday, leading the DOW with an 8.8% gain after better than expected earnings. PayPal (PYPL) was also a winner, up 9.4% on an earnings beat.
Although earnings have been strong, housing data has been a disappointment. On Friday, Existing Home Sales were released, showing a decline to the lowest level we’ve seen since 2015.
Source: RockwellTrading by Markus Heitkoetter | Original Link