It was a week for the record books. But it didn’t start off that way.
On Monday, stocks were lower and it looked like trade concerns were going to pull the major indices lower. But stocks rallied on Tuesday, in spite of the news that President Trump announced another round of tariffs on $200 billion worth of Chinese goods.
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Stocks were quiet on Wednesday but finished slightly higher. Then Thursday we were off to the races again, with stocks rocketing higher. Weekly Unemployment Claims came in at their lowest since November 1969. And with traders digesting some good data but shrugging off U.S.-China trade problems, the S&P and DOWrallied to new record highs.
On Friday, stocks were mixed. But it didn’t keep blue chips from shinning. The DOW had another winning day, ending the week with a new record high and back-to-back-to-back-to-back winning days.
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Here’s where the major indices ended the week:
- The S&P finished 0.9% higher. Up 25 points, the S&P ended at 2,930.
- The DOW ended with a 2.3% gain. Adding 589 points, the DOW closed at 26,744.
- The NASDAQ was down 0.3%. Losing 23 points, the NASDAQ finished at 7,987.
- Bitcoin finished 3.4% higher. Up$220, Bitcoin ended at $6,745.
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Crude Oil (CL) finished higher for the 2nd week in a row. Up 3.1%, CL finished at $70.76 a barrel.
In earnings news, Micron Technologies (MU) lost 2.9% in spite of better than expected earnings.
Heading into next week, the S&P telecommunications sector is getting a facelift. The sector will be renamed “communication services” and will include Facebook (FB), Tw itter (TWTR), Alphabet (GOOG), Disney (DIS), Netflix (NFLX) and some others.
This upcoming week traders will keep a close eye on Wednesday’s Fed Statement. Traders believe there is a 100% chance the Fed will raise rates, but the wording of their statement and forecast could definitely move the markets.
Source: RockwellTrading by Markus Heitkoetter | Original Link