Stocks had a great week, finishing higher for the third week in a row.
The S&P and DOW finished at their best levels in almost 3 months. The NASDAQ pulled away from record highs on Thursday, but ended the week with its best weekly close ever.
Here’s what traders were focused on last week:
- Starbucks (SBUX) – Starbuck’s CEO Charles Schultz announced that he’ll be stepping down. Starbucks dropped 2.4% after the news and finished the week with a 0.5% loss. There’s some speculation that Schultz stepped down to consider a Presidential run, challenging President Trump in the 2020 election.
- Tesla (TSLA) – Tesla got a nice boost after CEO Elon Musk said that it’s “quite likely” that Tesla will be able to hit their Model 3 production goals by the end of June. Tesla ended the week with an 8.9% gain.
- G7 Meetings – On Friday, leaders of the G7 met, kicking off their annual summit. President Trump had a lukewarm reception with U.S. allies not too happy about recent tariffs. But the President didn’t seem to care. He showed up late, and on his way to the summit said that Russia should be at the meetings too (a hot topic since Russia was booted from the group in 2014 following the annexation of Crimea).
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Here’s where the major indices ended the week:
- The S&P finished with 1.6% gain. Up 44 points, the S&P ended at 2,779.
- The DOW ended 2.8% higher. Adding 681 points, the DOW closed at 25,317.
- The NASDAQ was up 1.2%. With a 91 point gain, the NASDAQ finished at 7,646.
- Bitcoin ended 2.6% higher. Adding $195, Bitcoin is trading at $7,665.
Crude Oil (CL) was all over the place, but a big move Thursday helped erase most of the losses from earlier in the week. Down 0.1%, CL ended at $65.76 a barrel.
Monster Beverage (MNST) was a big mover on Friday, up 0.5% after its annual shareholder meeting.
Apple (AAPL) was down 0.9% on Friday after hitting record highs for 5-days straight. News that the company asked suppliers to prepare fewer iPhone components weighed on the stock. But Apple still managed to finish the week with a 0.8% gain and with its best weekly close ever.
This week traders will keep an eye on the Fed. The Fed will meet Tuesday and Wednesday and they’re expected to raise interest rates for the second time this year.
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Source: RockwellTrading by Markus Heitkoetter | Original Link