It was another record week for stocks.
With Santa Claus, tax cuts, strong data, solid earnings and everything that ends with ‘-coin’ going up a zillion percent…What’s not to like?!
The S&P and DOW finished higher for the fourth week in a row. And on Friday, the major indices closed with new records.
Even the NASDAQ, which has been lagging the major indices recently, managed to break out to new records.
Looking back at the week, Wednesday had traders focused on the Fed. Janet Yellen gave her final speech Wednesday afternoon and hiked a quarter point as expected. She goes out with a bang and hands the torch off to Powell.
Then Thursday, Marco Rubio gave the bears some motivation after claiming he wouldn’t support the tax bill. But the threat was short lived. On Friday, he caved, and the S&P was up 24 points.
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Here’s where the major indices ended the week:
- The S&P finished 0.9% higher. Up 24 points, the S&P ended at 2,676.
- The DOW ended with a 1.3% gain. Adding 323 points, the DOW closed at 24,652.
- The NASDAQ was up 1.4%. With a 97 point gain, the NASDAQ finished at 6,937.
Crude Oil (CL) traded as high as $58.49 and as low as $56.12 last week. But after 5 days of trading, Crude Oil was just a penny higher at week’s end. CL finished the week at $57.35 a barrel.
Costco (COST) hit new highs Friday after solid earnings, finishing the week with a 2.4% gain. And Boeing (BA) was up 2.8% for the week after announcing a massive buyback and hiking their dividend. The stock has gone absolutely bonkers this year, up over 80%.
Bitcoin Mania continued all week long. Bitcoin is sitting at $19,430 as this is being written. And now the Bitcoin rally is pouring into stocks that have some sort of tie-in to cryptocurrencies.
Longfin Corp (LFIN) IPO’d on Friday. They are a FinTech company that just acquired a cryptocurrency solutions provider. After opening at 8 bucks, the stock closed the day at $22. And Overstock (OSTK) was up over 50% last week. Since they announced they’ll be accepting cryptocurrency payments, the stock can’t stop soaring.
Here are this week’s major reports (all times ET):
MONDAY – No major reports.
TUESDAY – Building Permits & Housing Starts at 8:30am.
WEDNESDAY – Existing Home Sales at 10:00am and Crude Oil Inventories at 10:30am.
THURSDAY – Final GDP, Unemployment Claims, and Philly Fed Manufacturing at 8:30am.
FRIDAY – Durable Goods Data at 8:30am and New Home Sales and Revised Consumer Sentiment and 10am.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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