Stocks managed to pull off a nice little comeback heading into the 3-day weekend.
After back-to-back losing weeks, trading got off to a nice start on Monday. The indices opened higher and finished the day with nice gains.
But on Tuesday, traders were back to their selling ways. The major indices dropped, erasing a large part of Monday’s gains.
The S&P has moved higher or lower by more than 1% twenty-three days this year. This is three times more than the number of 1% moves in all of 2017. But Wednesday was reminiscent of 2017. With stocks trying to find direction, the major indices stayed in a smaller range and finished the day slightly lower.
On Thursday, tech stocks were hot, pulling the NASDAQ out of negative territory and leading the major indices higher.
With markets closed on Friday for Good Friday, Thursday was the last trading day of the week.
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Here’s where the major indices ended the week:
- The S&P finished with a 2.0% gain. Up 53 points, the S&P ended at 2,641.
- The DOW ended 2.4% higher. Adding 570 points, the DOW closed at 24,103.
- The NASDAQ was up 1.0% With a 71 point gain, the NASDAQ finished at 7,063.
- Bitcoin ended 18.5% lower. Dropping $1,574, Bitcoin is trading at $6,931.
It was nice to see the major indices boomerang back from losses. But last week’s gains weren’t enough to save a tough month.
Here’s where the major indices ended the month of March: the S&P lost 2.7%, the DOW dropped 3.5%, and the NASDAQ was lower by 2.9%.
Crude Oil (CL) joined the major indices with gains on Thursday. But Thursday’s gains weren’t enough to bring CL back into positive territory for the week. CL finished the week with a 1.6% loss, closing at $64.81 a barrel.
Facebook (FB) looked ugly last week. At one point Facebook was down 6.5%. And this drop was on top of the 13.9% disaster from the previous week! But a strong session on Thursday (the biggest gain in almost 2 years) helped Facebook finish the week with a 0.3% gain.
Last week President Trump’s tweeting made headlines (again) after he went after Amazon (AMZN).
The President tweeted that Amazon isn’t paying its fair share in taxes, and using the U.S. Postal Service as its “delivery boy.” AMZN was down over 4.0% on Thursday on fears that the President could be getting ready to target Amazon. Although Amazon managed to finish the day with a 1.1% gain, the week was another story as AMZN ended the week with a 3.2% loss.
Here are this week’s key reports (all times ET):
MONDAY – ISM Manufacturing PMI at 10:00am.
TUESDAY – No major reports.
WEDNESDAY – ADP Non-Farm Employment Change at 8:15am, ISM Non-Manufacturing PMI at 10:00am and Crude Oil Inventories at 10:00am.
THURSDAY – Unemployment Claims at 8:30am.
FRIDAY – Jobs Report at 8:30am, and Fed Chair Powell Speaks at 1:30pm.
Source: RockwellTrading by Markus Heitkoetter | Original Link