S&P 500 Hits Record Close

The S&P 500 crossed $4,000 for the first time in its history on Thursday, rising +1.2% to a fresh record close of 4,019.87 as Wall Street built on a solid March following the rollout of President Joe Biden's infrastructure plan. The DOW climbed 171.66 points or +0.5%, to 33,153.21, and the NASDAQ jumped +1.8% to 13,480.11.

On a weekly level, the DOW and the S&P 500 posted gains for the week, up +1.1% and +.24%, respectively. The NASDAQ fell +2.60% on the week. However, the market rally has slowed down in recent weeks as rising interest rates, and valuation concerns hit tech names. Continue reading "S&P 500 Hits Record Close"

Stocks Finish Volatile Week On High Note

Stocks soared on Friday, finishing the volatile week on a high note, having their best day in more than two weeks.

The DOW closed 453.40 points higher or +1.4%, to 33,072.88. The S&P 500 rose +1.7% to 3,974.54, hitting a record closing high, and the NASDAQ erased a -0.8% loss to end the session +1.2% higher to 13,138.72. All three indexes rallied to their session highs into the close.

On a weekly level, the DOW and the S&P 500 posted gains for the week, up +1.4% and +1.6%, respectively. The NASDAQ fell -0.6% on the week. However, the market rally has slowed down in recent weeks as rising interest rates and valuation concerns hit big tech stocks. Continue reading "Stocks Finish Volatile Week On High Note"

Tech Selloff Continues To Pressure Market

The DOW slid 234.33 points or -0.7%, to 32,627.97 on Friday, pressured by Visa and JPMorgan. The S&P 500 dipped -0.1% to 3,913.10, closing off its lowest level of the day when it fell 0.7%. The NASDAQ gained +0.8% to 13,215.24 as investors bought the dip in tech shares which had been putting pressure on the market after continuing to selloff earlier in the week. Facebook gained +4%, while Amazon and Netflix rose about +1.5% each.

On a weekly level, The DOW and the S&P 500 lost -0.5% and -0.8%, respectively, this week, breaking their two-week win streak. The NASDAQ also declined -0.8% for the week, posting its fourth negative week in the last five. Continue reading "Tech Selloff Continues To Pressure Market"

Another Record Close For DOW And S&P 500

The DOW climbed 293.05 points or +0.9%, a record close at 32,778.64. The S&P 500 erased earlier losses and inched up +0.1%, eking out a record close of 3,943.34, and the NASDAQ shed +0.6% as rates surged once again, putting pressure on the tech sector. Alphabet and Facebook dropped 2% each, while Apple, Amazon, and Microsoft closed in the red.

On a weekly level, the DOW and S&P 500 both triggered new green weekly Trade Triangles this week on their way to another record close. The DOW gained +4.07% on the week, with the S&P followed with a gain of +2.6%. The NASDAQ was able to bounce back after three straight weeks of losses with a weekly gain of +3.09%, but it wasn't enough to trigger a new green weekly Trade Triangles; thus, the Chart analysis score remains +55, in a sidelines position. Continue reading "Another Record Close For DOW And S&P 500"

DOW Rallies 570 Points In Big Turnaround

The DOW climbed 572.16 points or +1.9%, to 31,496.30 after losing as much as 150 points in earlier trading. The S&P 500 ended the wild trading session +2% at 3,841.94 after shedding -1% earlier and the NASDAQ advanced +1.6% to 12,920.15 after dropping -2.6% early in the trading session.

On a weekly level, the NASDAQ fell more than -2% this week and briefly turned negative on the year. The S&P 500 gained +0.8% this week, snapping a two-week losing streak. The DOW outperformed with a +1.8% weekly gain. Both the DOW and S&P 500 joined the NASDAQ mid-week by triggering new red weekly Trade Triangles indicating that overall, the market could be in a sidelines mode.

The indexes bounced off their lows as bond yields retreated from their session highs. The 10-year Treasury yield eased back to 1.55% after popping above 1.6% to touch a 2021 high following data showing a surge in jobs growth. Continue reading "DOW Rallies 570 Points In Big Turnaround"