Strong Economic Data And Housing Boost Market

Hello traders everywhere. Stocks traded at record intra-day highs Friday morning as strong global economic data, strong housing data, and a solid start to the earnings season led to another week of gains. This week's move for the S&P 500 and DOW are close to posting the best weekly gain in 5 months.

All three of the major indexes hit intraday highs in Friday morning trading with the S&P 500 hitting 3,326.44 up +1.7% for the week. The DOW continues to trade above 29,000, hitting a high of 29,373.62, posting a +1.7% gain. The NASDAQ will post a weekly gain of +1.9% and hit a record high of 9,393.48.

Chinese industrial data for December came in better than expected, with production rising +6.9% on a year-over-year basis. The overall Chinese economy grew by +6.1% in 2019, matching expectations. To be sure, that is also the slowest growth rate for the Chinese economy since 1990. Continue reading "Strong Economic Data And Housing Boost Market"

DOW Hits 29,000 For First Time

Hello traders everywhere. Stocks turn mixed after the DOW hit 29,000 for the first time on Friday, ultimately hitting an all-time intra-day high of 29,009.07. Since then, the DOW has turned negative on the day and is down roughly -100 pts or -.3% heading into afternoon trading.

However, the overall weekly picture of the market looks great. The DOW is close to posting a +1% gain sitting at +.95% after hitting 29,000. The S&P 500 will post a gain over one percent with a gain of +1.3%. But they can't compete with the tech-heavy NASDAQ which will post a weekly gain over two percent at +2.1%

The U.S. economy added 145,000 jobs in December. Economists polled by Dow Jones expect the U.S. economy to have added 160,000 jobs in December. Wages also disappointed, growing by just +2.9% on a year-over-year basis. Economists had forecast a gain of +3.1%. December was also the first month since July 2018 that wages grew by less than 3% from the year before. Continue reading "DOW Hits 29,000 For First Time"

Stocks Fall After U.S. Airstrike

Hello traders everywhere. A day after setting new record highs, the major indexes and overall stock market are barely hanging on to weekly gains to start the new year. The U.S. confirmed that an airstrike killed Iran's top military commander, sending oil prices surging and hiking geopolitical concerns.

The DOW plunged 360 points at the open only to bounce back and trade roughly 175 points lower on the day hanging on to a weekly gain of +.16%. The S&P 500 is close to finishing the week in negative territory with a small gain of +.10% while the NASDAQ has a little more wiggle room with an increase of +.50%

On Thursday, the DOW advanced 330.36 points +0.9% to 28,868.80 and notched its biggest one-day gain since Dec. 6. The S&P 500 closed +0.8% higher, marking its best performance since Dec. 12 at 3,257.85. The NASDAQ gained +1.3% to end at 9,092.19 and had it's best day since Oct. 11. The major averages hit their session highs in the final minutes of trading. Continue reading "Stocks Fall After U.S. Airstrike"

Stock Market Coast Into Weekend

Hello traders everywhere. After a record week, the stock market is coasting into the weekend on subdued trading after hitting record highs at the open and posting a weekly gain. The NASDAQ topped the 9,000 mark for the first time Thursday, closing in record territory, lifted by a jump in Amazon shares on a record holiday shopping season. The NASDAQ has risen for 11 straight days, the longest winning streaking since July 2009.

The NASDAQ leads the way with a weekly gain of +1.1%, followed by the DOW with an increase of +.80%, and the S&P 500 will post a weekly gain of +.70% bringing up the rear. However, the S&P 500, which is up 29.2% in 2019, is really close to reaching historic proportions. The index will post its best year since 1997, with an annual gain of more than 29.6%.

Friday marks day three of the so-called Santa Claus rally period, which is historically beneficial for stocks. Since 1950, the S&P 500 has rallied an average of 1.3% during the final five trading days of the year and the first two sessions of the new year, according to the Stock Trader's Almanac. Continue reading "Stock Market Coast Into Weekend"

S&P 500 Posts Fourth Week Of Gains

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. Continue reading "S&P 500 Posts Fourth Week Of Gains"