The major indices ended well off the lows of the week, but couldn’t pull off a win.
On Monday, stocks were mixed. Then on Tuesday, the major indices dropped with investors watching interest rates hit levels not seen in 4 years. The rest of the week we watched the major indices fight to get back to breakeven.
There was a lot of potential for a move last week.
Earnings were strong and 1/3 of the companies in the S&P 500 reported last week. Facebook (FB) had an awesome quarter. And Amazon (AMZN) and Microsoft (MSFT) had an earnings beat, with Amazon up 6.0% on Friday and Microsoft ending the day 1.7% higher.
We even had historic peace talks between leaders of North Korea and South Korea in an effort to denuclearize the region.
But the positive news wasn’t enough for the major indices to finish higher.
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Here’s where the major indices ended the week:
- The S&P finished flat. Down a 1/4 point, the S&P ended at 2,670.
- The DOW ended 0.6% lower. Dropping 152 points, the DOW closed at 24,311.
- The NASDAQ was down 0.4%. With a 26 point loss, the NASDAQ finished at 7,120.
- Bitcoin ended 5.0% higher. Adding $430, Bitcoin is trading at $8,970.
Crude Oil (CL) finished lower following its best weekly close of the year. Down 0.5%, CL ended at $68.00 a barrel.
Chevron (CVX) was another company that reported better than expected earnings last week. Chevron reported Friday morning and finished the day 1.9% higher. But Exxon Mobil (XOM) was another story. The world’s largest publicly held oil company came out with worse than expected earnings and ended 3.8% lower. Exxon has lost $47 billion in market value in the last 12 weeks.
This week earnings will remain in the spotlight. Here are a few of the big names that are reporting: Apple (AAPL), Tesla (TSLA) and Alibaba (BABA).
Source: RockwellTrading by Markus Heitkoetter | Original Link