What a week! This bull train keeps rolling along.
There was a little “hiccup” in this rally on Wednesday, when the major indices ended the day slightly lower. But the rest of the week was nothing but positive, as the major indices finished the week at record highs.
After another impressive week of trading, it looks like January will go down in the record books. Take a look at this year’s numbers:
S&P +113, up 4.2%
DOW +1,084, up 4.4%
NASDAQ +358, up 5.2%
The S&P is actually on pace to triple this year, an obvious unsustainable path. But with the major indices finishing another week at record highs, the bulls are definitely in control as we head into earnings season.
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Here’s where the major indices ended the week:
- The S&P finished 1.6% higher. Up 43 points, the S&P ended at 2,786.
- The DOW ended with a 2.0% gain. Adding 507 points, the DOW closed at 25,803.
- The NASDAQ was up 1.7%. With a 123 point gain, the NASDAQ finished at 7,259.
- Bitcoin was down 16.2%. Losing $2680, Bitcoin is trading at $13,850.
Crude Oil (CL) had another impressive week. Up 4.4%, CL finished at $64.19 a barrel.
Looking at stocks, Boeing (BA) was up 8.9% last week! The Dow monster is off to a great start this year, which was a big reason the DOW lead the major indices last week.
Facebook (FB) was in the news with Mark Zuckerberg ready to make news feeds great again. This involves connecting more people together at the expense of businesses. They’re on a “fake news” hunt, and investors don’t seem to like it. The stock was down 4.5% on Friday, which means Zuckerberg lost $3.3 billion…ouch!
Things are looking bad for Aflac (AFL). A recent story claims that the company exploited workers, manipulated accounting, and deceived customers and shareholders. The stock got crushed Friday, falling 7.4%.
Banks reported Friday as earnings get underway. Profits seem strong while revenues stay light or in line. JP Morgan (JPM) trading revenue took a 34% hit. They also reported a $143 million loss because of one ‘mystery client’ last quarter. JPM finished the day 1.7% higher.
Next week we’ll hear from Citigroup (C), Bank of America (BAC), Goldman Sachs (GS), American Express (AXP), IBM (IBM), and others.
We have a short week ahead, with U.S. markets closed in honor of Martin Luther King, Jr. Day.
Here are this week’s key reports (all times ET):
- MONDAY – U.S. markets closed.
- TUESDAY – Empire State Manufacturing at 8:30am.
- WEDNESDAY – No major reports.
- THURSDAY – Building Permits, Housing Starts, Unemployment Claims, and Philly Fed Manufacturing Index at 8:30am followed by Crude Oil Inventories at 11:00am.
- FRIDAY – Preliminary Consumer Sentiment at 10:00am,.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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