Stocks had a nice week in spite of a pullback on Thursday and Friday.
On Monday, stocks kicked off the week with a win. Tuesday was a winning day for stocks as well, with traders focused on the midterm elections.
Wednesday was a big day for the indices. With the election behind us, stocks rallied. And with back-to-back-to-back wins, stocks looked strong.
Things took a bit of a turn on Thursday and stocks ended the day slightly lower.
Friday was a rough day for the bulls. The major indices opened the day lower and continued to slide. Although stocks finished with losses for the 2nd day in a row, the major indices still managed to finish the week with decent gains.
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Here’s what traders were focused on:
- Midterm Elections – Traders definitely had their eye on the election last week. The Democrats took control of the House and the Republicans kept control of the Senate. This was what was expected, and stocks rallied.
- The Fed – After a 2-day policy meeting, the Fed decided to keep rates unchanged. It was expected that the Fed would keep rates unchanged in November. But traders believe the Fed will raise rates in December, according to CME’s FedWatch tool the probability of a December hike is 75.8%.
- Tech Stocks – The NASDAQ lagged behind the major indices this week with a 0.7% gain. This is because some big names struggled. Apple (AAPL) lost 1.1%, Facebook (FB) was lower by 3.6% and Netflix (NFLX) was down 1.8%.
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Here’s where the major indices ended the week:
- The S&P finished with a 2.1% gain. Up 58 points, the S&P ended at 2,781.
- The DOW ended 2.8%. Adding just 718 points, the DOW closed at 25,989.
- The NASDAQ was down 0.7%. With a 50 point loss, the NASDAQ finished at 7407.
- Bitcoin finished lower by 0.3%. Down $20, Bitcoin ended at $6,320.
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Crude Oil (CL) closed lower for the 5th week in a row! Down 4.8%, CL finished at $60.16 a barrel. Crude Oil entered “bear market territory” on Thursday, down 20%+ from its October 3rd high.
In earnings news, Disney (DIS) beat earnings expectations and finished Friday with a 1.7% gain.
Monday is a bank holiday to observe Veterans Day. Markets are open on this holiday, but the bond market will be closed.
Source: RockwellTrading by Markus Heitkoetter | Original Link