Tag: DOW (INDEX:DJI)

The stock market started this week with what looked like another record run, but things turned sour mid-week as COVID-19 infections continue to rise both in the US and globally. Adding to the uneasiness is Washington's inability to agree on a stimulus package and jobless claims numbers that continue to grow. Last week's report saw that number grow to 853,000, the highest total since Sept. 19.

Lawmakers seek to pass a bill before lifelines expire at the end of 2020, but disagreements over state and local stimulus, unemployment assistance, and stimulus checks still exist. Continue reading "Stocks End Week Lower On Stimulus Concerns" →

Stocks hit record intraday highs and closed at record highs on Friday, with the S&P 500 and DOW closing higher for the second straight week as traders shook off a disappointing U.S. jobs report. The NASDAQ was able to make it three weeks in a row with a weekly gain.

The DOW closed higher by 248.74 points or +0.8%, at 30,218.26. The S&P 500 gained +0.9% to end the day at 3,699.12, and the NASDAQ advanced +0.7% to 12,464.23.

On a weekly level, the S&P 500 posted a weekly gain of +1.6%, while the DOW gained +1%, and the NASDAQ led the three indexes with a gain of +2%. Continue reading "Disappointing Jobs Report Doesn't Stop Record Run" →

The NASDAQ is the only one of the three major indexers to hold on to a weekly gain. Early in the week, the DOW was making a run at 30,000, but it ultimately failed to reach that level and has since been stuck in the mud incurring daily losses in the 3 of the 5 days this week. The NASDAQ, however, was able to post 3 winning days out of the 5 to produce a weekly gain.

As it stands heading into the close, the NASDAQ will post a gain of roughly +.75% while the S&P 500 and DOW will post weekly losses somewhere in the neighborhood of roughly -.4% and -.5%, respectively.

The U.S. dollar and gold are also on the losing side of the coin, posting weekly losses of -.4% and -.9%. Crude oil made a strong comeback with back to back weekly gains and will post a gain just short of +4% for the week. Continue reading "NASDAQ Holds On To Weekly Gain" →

On Monday, Pfizer's news that the COVID vaccine it is developing with BioNTech was more than 90% effective in a trial pushed stocks to record levels with all three of the major indexes triggering new green weekly Trade Triangles indicating that long positions could be in order. But after that significant move higher, the market came back to earth a bit with mid-week weakness.

However, the indexes end the week on a high note with the DOW gaining +1.3%, S&P 500 +1.1%, and the NASDAQ will post a daily gain of +.63% on the day.

The DOW leads the pack with a weekly gain of +4% as investors dumped tech and bought the cyclical stocks that would benefit from an economic comeback next year. The S&P 500 gained +1.9% on the week, and the NASDAQ was unable to get into positive territory, losing -.78% for the week. Continue reading "COVID Vaccine News Boosts Stocks" →

By gaining an impressive +7.1% for the week, the S&P 500 will post its best election week gain since 1932, where it gained +11.6% when Franklin D. Roosevelt defeated President Hoover in 1932. Not to be outdone, the DOW will also post a weekly gain of +7%, and the NASDAQ will lead the pack with a gain of +8.8%. But even with these gains, all three indexes have yet to trigger new green weekly Trade Triangles signaling a move back to long-term long positions.

Will Friday's pause lead to a sell-off net week, or does the stock market move higher from here?

As the election results continue to drag out, the dollar came under attack, going -1.7% on the week, triggering a new red weekly Trade Triangle indicating that a move to a long-term downtrend could be gaining strength. That move in the dollar proved to be a positive catalyst for gold, which posted its best weekly gain since July of 2019, posting a gain of +4%. Continue reading "Best Election Week In Decades For S&P 500" →