Hello traders everywhere. I feel like a broken record, but once again, the S&P 500 and stock market is hitting record highs as we head into Friday afternoon trading and the end of the trading week.
Entering Friday's afternoon session, the S&P 500 was up +1.7% for the week and was headed for its fourth consecutive weekly gain. The DOW and NASDAQ were up +1.2% and +2.1%, respectively, for the week marking their second straight week of gains.
The S&P 500 is up nearly 28% year to date, with less than 10 trading days left in 2019. That would be the index’s best one-year performance since 2013 when it rallied 29.6%. Not be outdone the NASDAQ index has jumped 34% in 2019.
Stocks tend to carry such strong momentum into the following year. Data compiled by Nordea Research shows the S&P 500 posted positive returns the year after rallying more than 25% in 12 of 18 occasions.
In the latest sign, the economy was on firm ground heading into the holiday shopping season, the Commerce Department said Friday that the pace of U.S. growth in the third quarter was unchanged from its previous estimate. Gross domestic product rose at a 2.1% seasonally and inflation-adjusted annual rate from July through September.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,070.33
- Dow (INDEX:DJI): 27,325.13
- NASDAQ (NASDAQ:COMP): 8,435.40
- U.S. Dollar (ICE:DX): 98.37
- Gold (NYMEX:GC.G20): 1,478.80
- Crude Oil (NYMEX:CL.G20): 61.20
- Bitcoin (BITCOIN:BITSTAMPUSD): 7,772.71