The stock market set another round of record closes on Friday after the October jobs report came in better than expected, boosting optimism about the economic recovery.
Pfizer announced a significant development regarding its easy-to-administer Covid-19 pill, which fueled hope for a smoother reopening, sending shares of airlines and cruise line operators soaring.
The DOW rose 203.72 points or +0.56%, to close at 36,327.95. The S&P 500 gained +0.374% to 4,697.53 for its seventh straight positive day, and the NASDAQ edged up +0.20% to 15,971.59. All three major averages reached their respective record-closing highs.
All three major indexes posted their fifth positive week in a row and finished solidly higher for the month. On a weekly level, the DOW gained +1.42%, the S&P 500 +2.00%, and the NASDAQ rounded out the week up +3.05%.
Bitcoin's climb higher has slowed considerably, and you could argue that it's in a sidelines mode with a weekly loss of -1.4% after two lackluster weeks. The exit level to a sidelines position is creeping now, standing at 56,425.00, which would give us a red weekly Trade Triangle indicating a move to the sidelines.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 4,447.47
- Dow (INDEX:DJI): 35,035.94
- NASDAQ (NASDAQ:COMP): 14,833.28
- U.S. Dollar (ICE:DX): 93.27
- Gold (NYMEX:GC.Z21): 1,769.30
- Crude Oil (NYMEX:CL.Z21): 81.80
- Bitcoin (BITCOIN:BITSTAMPUSD): 56,425.00
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
