Stocks soared on Friday, culminating with the DOW having its best day of trading since November 2020, but was this bounce back at the end of a volatile week and end to the wild ride, or is there more pain on the horizon?
On a daily level, the DOW added 834.92 points or +2.51%, closing at 34,058.75. The S&P 500 gained +2.24% at 4,384.65, and the NASDAQ rose +1.64% to end the day and week at 13,694.62.
However, the +800 point move by the DOW was not enough to push the index into positive territory for the week, with it losing -0.06%. On the flip side, the S&P 500 and the NASDAQ finished the week +0.82% and +1.08% higher.
Let's not forget that the NASDAQ is still in correction, down more than 10% from its record high, and is still staring the "Death Cross" in the face. The DOW and S&P 500 are just outside correction territory, with the S&P 500 flirting with correction territory earlier in the week.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 4,509.03
- Dow (INDEX:DJI): 35,824.28
- NASDAQ (NASDAQ:COMP): 14,509.56
- U.S. Dollar (ICE:DX): 95.39
- Gold (NYMEX:GC.J22): 1,934.00
- Crude Oil (NYMEX:CL.J22): 95.64
- Bitcoin (BITCOIN:BITSTAMPUSD): 45,850.00