Hello traders everywhere. Stocks continued their momentum Friday ending a record-setting week on a high note after testimony from the top Federal Reserve official signaled that a rate cut was coming.
The Dow climbed +180 points to an all-time high. The S&P 500 traded 0.3% higher and also reached a record. The Nasdaq was up 0.4%.
The S&P 500 also notched a record close trading above $3,000 for the first time this week and looked to close above that level as near the close of trading this afternoon. The Dow closed above 27,000 for the first time Thursday and continues to trade above that level this afternoon.
The major indexes were headed for slight weekly gains. Entering the afternoon session, the Dow is up +1.16%, S&P 500 is up 0.5%, and the NASDAQ is up 0.47% while giving us a new green weekly Trade Triangle joining its brethren.
Fed Chair Jerome Powell testified in front of congressional leaders this week that "crosscurrents" from weaker overseas economic activity and rising trade tensions are dampening the outlook on the U.S. economy.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 2,912.99
- Dow (INDEX:DJI): 26,465.32
- NASDAQ (NASDAQ:COMP): 7,879.16
- U.S. Dollar (ICE:DX): 97.55
- Gold (NYMEX:GC.Q19): 1,404.50
- Crude Oil (NYMEX:CL.N19): 59.93
- Bitcoin (BITCOIN:BITSTAMPUSD): 9,614.08
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
