Stocks staged their best cumulative effort of the new year, as January equity returns continued to explode through the final full week of trading in the United States.
Making the gains all the more impressive is the fact that the month has seen only 18 out of a possible 20 trading days, due to the New Year and MLK holidays falling on Mondays. Three more sessions to start the new week will conclude January trading.
Stocks have been the major story of the year thus far, along with the continued decline of the US dollar against other major currencies, especially the Yen, Euro and British Pound.
President Donald J. Trump returned from Davos over the weekend, preparing for his first State of the Unions address to congress on Tuesday night.
Also of note this week is the FOMC policy rate meeting of the Federal Reserve. While the Fed is not expected to raise key interest rates at this meeting, there's general impetus for a planned rate hike at the March meeting. The FOMC meets on Tuesday and Wednesday, January 30 and 31. The March meeting is March 20-21.
The week concludes with the January Non-farm Payroll release by the BLS on Friday, Feb. 2. The data release includes publication changes related to the annual sample review and the conversion to NAICS 2017.. Expectations will be high, given the explosive nature of the stock market and recent touting of strong economic growth by President Trump.
At the Close, Friday, January 26, 2018:
Dow: 26,616.71, +223.92 (+0.85%)
NASDAQ: 7,505.77, +94.61 (+1.28%)
S&P 500: 2,872.87, +33.62 (+1.18%)
NYSE Composite: 13,637.02, +124.36 (+0.92%)
For the Week:
Dow: +544.99 (+2.09%)
NASDAQ: +169.39 (+2.31%)
S&P 500: +62.57 (+2.23%)
NYSE Composite: +252.56 (+1.89%)
Showing posts with label MLK. Show all posts
Showing posts with label MLK. Show all posts
Monday, January 29, 2018
Tuesday, January 16, 2018
Turnaround Tuesday: Stocks Sink Into S---Hole
After soaring over 26,000 in the early going, the Dow Jones Industrial Average - and the rest of the main US indices - took an ugly turn to the negative, an elongated move which comprised nearly the entirety of the trading session.
The Dow, once as high as 26,086.12 fell to an intra-day low of 25,702.99, a 383-point decline. The blue chips gathered some momentum at the close, likely the work of short-covering, as sellers dominated the day's activity.
While the Dow finished with just a blemish, the NASDAQ was more badly injured, dropping nearly half a percentage point, though it too was soaring earlier in the session, as were the S&P and Composite.
There was little news upon which to hang the selling spree and it came as quite a surprise in the opening session following the MLK holiday. The energy and basic materials sectors took most of the downside, falling by 1.16% and 1.43%, respectively. Crude oil lost three-quarters of a percent, with WTI crude ending the day at 63.82 per barrel. The abrupt turnaround in the oil price could be the canary in the coal mine, but perhaps the biggest story of the day was the almighty US dollar, which fell to a three-year low, bottoming out at 90.28, the worst intra-day price since December, 2014.
Having the dollar and oil fall in unison is not the usual course of business. Such activity is the stuff that keeps the stomachs churning on Wall Street. No doubt, copious amounts of bismuth subsalicylate were consumed by belly-aching analysts.
If not apparent enough already, Tuesday's action prompted more than a few to reconsider portfolio allocations and question whether or not the Fed really does have the market's back.
Fear of sliding into some kind of hell hole or other equally unattractive place became paramount throughout the day.
Congress has three days in which to craft some kind of compromise budget, risking yet another blow to its already badly-damaged reputation.
At the Close, Tuesday, January 16,2018:
Dow: 25,792.86, -10.33 (-0.04%)
NASDAQ: 7,223.69, -37.38 (-0.51%)
S&P 500: 2,776.42, -9.82 (-0.35%)
NYSE Composite: 13,247.85, -46.49 (-0.35%)
The Dow, once as high as 26,086.12 fell to an intra-day low of 25,702.99, a 383-point decline. The blue chips gathered some momentum at the close, likely the work of short-covering, as sellers dominated the day's activity.
While the Dow finished with just a blemish, the NASDAQ was more badly injured, dropping nearly half a percentage point, though it too was soaring earlier in the session, as were the S&P and Composite.
There was little news upon which to hang the selling spree and it came as quite a surprise in the opening session following the MLK holiday. The energy and basic materials sectors took most of the downside, falling by 1.16% and 1.43%, respectively. Crude oil lost three-quarters of a percent, with WTI crude ending the day at 63.82 per barrel. The abrupt turnaround in the oil price could be the canary in the coal mine, but perhaps the biggest story of the day was the almighty US dollar, which fell to a three-year low, bottoming out at 90.28, the worst intra-day price since December, 2014.
Having the dollar and oil fall in unison is not the usual course of business. Such activity is the stuff that keeps the stomachs churning on Wall Street. No doubt, copious amounts of bismuth subsalicylate were consumed by belly-aching analysts.
If not apparent enough already, Tuesday's action prompted more than a few to reconsider portfolio allocations and question whether or not the Fed really does have the market's back.
Fear of sliding into some kind of hell hole or other equally unattractive place became paramount throughout the day.
Congress has three days in which to craft some kind of compromise budget, risking yet another blow to its already badly-damaged reputation.
At the Close, Tuesday, January 16,2018:
Dow: 25,792.86, -10.33 (-0.04%)
NASDAQ: 7,223.69, -37.38 (-0.51%)
S&P 500: 2,776.42, -9.82 (-0.35%)
NYSE Composite: 13,247.85, -46.49 (-0.35%)
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