It was quite a week last week! And it was all about trade.
Although talks between the U.S. and China have hit a roadblock, things seem to be going well with Mexico and Canada.
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Early in the week, a deal between the U.S. and Mexico was announced. Then things were looking good with talks between the U.S. and Canada. We were expecting an agreement between the two countries before the holiday weekend, but a last-minute extension was announced. Talks will resume this upcoming week.
Stocks got off to a strong start on Monday and rallied higher for the first 3 days. At the close on Wednesday, the S&P and NASDAQ were sitting on a 4-day win streak and trading at record highs.
But on Thursday, stocks pulled away from records. And on Friday, the major indices went nowhere. Although the major indices didn’t finish the week at record levels, they still managed to post some nice gains.
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Here’s where the major indices ended the week:
- The S&P finished 0.9% higher. Up 27 points, the S&P ended at 2,902.
- The DOW ended with a 0.7% gain. Adding 174 points, the DOW closed at 25,965.
- The NASDAQ was up 2.1%. Higher by 164 points, the NASDAQ finished at 8,110.
- Bitcoin ended 6.4% higher. Adding $425 Bitcoin is trading at $7,025.
Friday was the last trading day of August. And it was a nice month for the major indices.
The S&P finished August with a 3.0% gain, the DOW was up 2.2%, and the NASDAQ was higher by 5.7%.
Crude Oil (CL) finished higher for the 2nd week in a row. Up 1.7%, CL ended at $69.82 a barrel.
In earnings news, Lululemon (LULU) ended higher by 13.1% after better than expected numbers. and Ulta Beuty (ULTA) was an earnings winner as well, up 6.4%. But Big Lots (BIG) struggled on worse than expected numbers. Big Lots finished the day with a 10.1% loss.
Tomorrow major markets will be closed in the U.S. for the Labor Day Holiday. So enjoy the long weekend!
Source: RockwellTrading by Markus Heitkoetter | Original Link