It was quite a week for stocks. With the major indices up 4.3%+ across the board, stocks had their best weekly gain since 2013.
It was a great week, but there were some hurdles to overcome.
On Wednesday, traders dealt with inflation concerns after a 0.5% increase in monthly consumer prices was reported. Index futures tanks after the report.
After starting the day with losses, stocks made an impressive comeback, working their way back into positive territory by the close. The comeback probably had to do with the fact that year-over-year numbers revealed that CPI Data is still within expected levels(CPI up 2.1% and Core CPI up 1.8%).
On Friday, stocks were higher in the morning. But news that 13 Russian nationals were indicted for their interference in the 2016 presidential election sent the major indices lower in the afternoon. At the close, the S&P and DOW were slightly higher for the day, while the NASDAQ had turned negative.
In spite of the mixed session on Friday, it was a great week. Tthe S&P and DOW were higher every day last week, cutting losses from the previous two weeks in half.
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Here’s where the major indices ended the week:
- The S&P finished with a 4.3% gain. Up 113 points, the S&P ended at 2,732.
- The DOW ended 4.3% higher. Adding 1028 points, the DOW closed at 25,219.
- The NASDAQ was up 5.3% With a 365 point gain, the NASDAQ finished at 7,239.
- Bitcoin was up 32%. Adding $2,612, Bitcoin is trading at $10,784.
Crude Oil (CL) was up 4.6%, ending the week at $61.58 a barrel.
Cisco (CSCO) had a great week after reporting better than expected earnings and revenue guidance. CSCO was up 12.1% and traded at 20-year highs.
Apple (AAPL) had an impressive comeback last week. With a 10.2% gain, AAPL erased its losses from the previous two weeks.
Metals had a great week as well. While a lower dollar helped Gold (GC) rally 3.1%, talks of tariffs on imported steel and aluminum helped U.S. metal companies. U.S. Steel (X) was up 30.7%, AK Steel (AKS) was up 32.4%, Nucor (NUE) was up 11%, and Steel Dynamics (STLD) was up 13.4%.
Traders will get an extra day of rest this week, with major U.S. exchanges closed on Monday for Presidents’ Day.
Looking at the calendar, we have a pretty quiet week. Here are this week’s key reports (all time ET):
MONDAY – Markets closed.
TUESDAY – No major reports.
WEDNESDAY – Existing Home Sales at 10:00am and FOMC Meeting Minutes at 2:00pm.
THURSDAY – Unemployment Claims at 8:30am, Crude Oil Inventories at 11:00am, FOMC Member Bostic Speaks at 12:10pm.
FRIDAY – FOMC Member Dudley Speaks at 10:15am, FOMC Member Mester Speaks at 1:30pm, and FOMC Member Williams speaks at 3:40pm.
Source: RockwellTrading by Markus Heitkoetter | Original Link