Tag: Bitcoin (BITSTAMPUSD)

Trading on Friday opened much like it had the rest of the week, down. And that was really no surprise as fears over the coronavirus, and its impact on the economy continue to scare investors. As we head into the close on Friday, stocks will have their worst week since the 2008 financial crisis.

The DOW was down more than 600 points after plunging 1,000 points in morning trading and down -2% on the day. The S&P 500 fell -1.5%, while the NASDAQ fell -0.7% after sinking more than -3% earlier.

So what does the worst week since the financial crisis look like? Continue reading "Stocks Have Worst Week Since Financial Crisis" →

We headed into Friday afternoon off the lows of the session but still down for the shortened trading week after coronavirus cases escalated, which in turn has the stock market worried about a pronounced global economic slowdown. China's National Health Commission reported more than 2,000 deaths in the mainland, with 75,00 confirmed cases. That news is a jump of 800 new cases overnight. South Korea also said 52 new cases on Thursday, making its total cases 150.

All three major indexes will end the week in negative territory with the S&P 500 losing roughly -1%, the DOW is down -1.3%, and the NASDAQ is sitting right below the -1% mark at -.98%.

Adding to the economic worries were falling existing home sales and a less than stellar IHS Markit U.S. composite purchasing managers' index (PMI) report. Continue reading "Stocks Fall As Coronavirus Cases Escalate" →

The stock market is headed for strong weekly gains despite a rising number of reported coronavirus cases and disappointing consumer data. The S&P 500 and DOW are each up more than +1% for the week as we head into Friday afternoon trading. The NASDAQ, meanwhile, has risen +2% for the week lead by strong earnings in the tech sector, which has dominated or Top Stocks list this week.

Core retail sales, which exclude autos, gas, building materials, and food services, were unchanged last month, the Commerce Department said. The department added clothing-store sales had its most significant one-month decline since 2009. Continue reading "Disappointing Consumer Data Weakens Rally" →

Stocks were up sharply for the week, entering Friday on the back of a four-day rally as strong earnings and economic data outweighed worries over the coronavirus' economic impact.

The S&P 500 was up +3.3% for the week through lunchtime on Friday and was on pace for its best weekly performance since early June. The DOW is up +3.2% for the week issuing a new green weekly Trade Triangle entering into a long-term uptrend, while the NASDAQ led the pack by gaining +4.3%.

The major averages also reached record highs on Thursday, boosted by China's decision to halve tariffs on a slew of U.S. products. The world's second-largest economy announced it would halve tariffs on $75 billion worth of U.S. imports on Thursday. Continue reading "Four Day Rally Comes To An End" →

The first trading month of 2020 is closing out with a thud. For the second time this week, the DOW has fallen over 500 points, triggering a new red weekly Trade Triangle indicating that a move to a sidelines position may be in order. To add to that, with today's losses, the DOW is having its worst day since Oct. 2nd and has erased its monthly gains booking its first January loss since 2016, standing at -.6%.

As we head into afternoon trading, the DOW and S&P 500 will post a weekly loss of over -2%. However, The S&P 500 will try to hang on to a monthly gain of .+1%. The NASDAQ will lose over -1.5% on the week but will hang onto a monthly increase of +2.3%.

Manufacturing activity in the Midwest sank in January to the lowest level since December 2015, according to a survey of businesses released Friday by MNI Indicators. The Chicago Purchasing Managers Index (PMI) fell to 42.9 this month from 48.9 in December. Any reading below 50 indicates deteriorating conditions. Economists surveyed by Econoday had expected a small dip to 48.5. Continue reading "Market Falls On Weak Data And Virus Fears" →