The DOW climbed 572.16 points or +1.9%, to 31,496.30 after losing as much as 150 points in earlier trading. The S&P 500 ended the wild trading session +2% at 3,841.94 after shedding -1% earlier and the NASDAQ advanced +1.6% to 12,920.15 after dropping -2.6% early in the trading session.
On a weekly level, the NASDAQ fell more than -2% this week and briefly turned negative on the year. The S&P 500 gained +0.8% this week, snapping a two-week losing streak. The DOW outperformed with a +1.8% weekly gain. Both the DOW and S&P 500 joined the NASDAQ mid-week by triggering new red weekly Trade Triangles indicating that overall, the market could be in a sidelines mode.
Sure, this week has been rough for traders and the markets overall, but it was a great month. Weeks like this are reminders to separate yourself from the recent daily volatility and look at the long-term trend. How do you do this? I'll show you in today's video.
As for the overall markets, let's get into it. Friday was as volatile as they come, with the Dow dropping -1.5% or -475 pts. The S&P 500 had lost -2.5% but pushed back strong into the close but fell just short of finishing in the green with a loss of -.48% or -18.49 pts, and while the NASDAQ shed -3.5% early in the day, it also bounced back to post a daily gain of +.56% or +72.91.
The S&P 500 is down -2.45% for the week, on pace for its second negative week in a row. The DOW has fallen -1.8%, and the NASDAQ way underperformed this week with its worst week since October, losing -4.9% on the week.
The stock market was on the move higher in early trading Friday after Treasury Secretary Janet Yellen said a large Covid-19 relief package is needed for a full recovery in the U.S. However, it has slipped to a mixed-mode as it headed into afternoon trading to close out the week with the DOW gaining roughly +48%, the S&P 500 and NASDAQ fighting to stay in positive territory for the day.
Stocks will end this record-setting week at or near record levels, with the S&P 500 gaining +.9% for the week, the DOW +.8%, and the NASDAQ outperforming with a gain of +1.4%. The records set this week by the three main indexes are as follows, S&P 500 - 1,931.50, DOW - 31,543.82, and the NASDAQ - 14,109.12.
On a weekly level, the market started hot on Monday but has steadily cooled off into the close on Friday after the record levels were achieved. As we head into the finale, the S&P 500 is looking at a daily gain of roughly +.10, the DOW has been waffling between gains and losses and is down about -.11% as I recorded this video, and the NASDAQ is up the same as the S&P 500 with an increase of +.10%. Continue reading "Records, Records and More Records"→
The Labor Department said the U.S. added 49,000 jobs in January, slightly below the 50,000 payrolls expected by economists. The unemployment rate fell to 6.3%, better than projections of 6.7%. December's numbers were revised much lower, with the month posting a loss of 227,000 from the initial reading of 140,000 jobs lost.
After suffering their worst week in months, the major indexes will wrap up the week with five straight days of gains ending with their best week since November. The S&P 500 will post a weekly gain of +4.7%, the DOW +3.9%, and the NASDAQ will outperform with a significant gain of +6%.