A broad-based market sell-off has been the theme of the day to start the week. The reason for the sell-off? The Coronavirus, there are 2,862 confirmed cases so far in China, and the death toll in China has risen to 81. The World Health Organization's director-general is traveling to China to meet with government and health officials. In the U.S., the fifth case of coronavirus was confirmed over the weekend.
The DOW fell over 500 points, and one point or -1.6% at the open and has continued to trade at those levels, the S&P 500 dropped -1.4%, and the NASDAQ has lost -1.8%. All three indexes were poised for their worst day since October. Continue reading "Stocks Tumble On Coronavirus Fears"→
Hello traders everywhere. The stock market gave back early Friday morning gains after the second U.S. case of the deadly coronavirus was confirmed. The Centers for Disease Control and Prevention (CDC) said a Chicago resident who traveled to Wuhan, the Chinese city where the coronavirus originated, in December was diagnosed with the sickness. So far, the outbreak in China killed 26 people and infected more than 900 in the past week, raising concerns about its fallout on the global economy.
That report pushed the DOW was down over -175 points, the S&P 500 slid -08% and the NASDAQ fell -.75% on the day. Overall for the week, the DOW is on pace to lose -.8%, it's the first weekly loss in two weeks. The S&P 500 will also post its first loss in two weeks, with a loss of -.5%. However, the bigger shock to the system is that the NASDAQ will post a weekly loss of -.1% its first weekly loss in over six weeks.
Crude oil continues to under heavy pressure from rising inventories and weakening demand. Crude will post it's third straight week of losses with a loss of -7.9% trading below $54 a barrel. The EIA itself earlier this week said it expected crude oil production in the shale patch to continue increasing, adding 22,000 bpd next month to reach a total of 9.2 million bpd. The increase will come from the Permian and the Bakken, which will together add 50,000 bpd to their daily average, more than offsetting declines across the rest of the shale patch. Continue reading "Coronavirus Sickens The US 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"→
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"→
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"→
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