Hello traders everywhere. Stocks rose after a set of strong earnings reports and data showing that the domestic economy grew at a healthy pace in the second quarter.
The gains, as well as an increase in U.S. government bond prices, came after data released early Friday showed that the GDP grew at a 2.1% annual rate in the second quarter, the Commerce Department said, narrowly above the 1.8% expected by most economists.
The figures were boosted by U.S. shoppers. Consumer spending, which makes up more than two-thirds of the economy, recorded the strongest pace of growth since late 2017.
For the week, the S&P 500 and NASDAQ are headed for solid gains hitting intra-day record highs of 3,023.93 and 8,327.06, the two indexes are up 1.5% and 2.1% week to date, respectively. The DOW, however, is headed for a slight loss of -.06%.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 2,963.44
- Dow (INDEX:DJI): 26,695.96
- NASDAQ (NASDAQ:COMP): 8,061.32
- U.S. Dollar (ICE:DX): 96.72
- Gold (NYMEX:GC.Q19): 1,421.90
- Crude Oil (NYMEX:CL.N19): 56.57
- Bitcoin (BITCOIN:BITSTAMPUSD): 13,200.00
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
