Dow cracks 25,000 in record time – Here’s what you expect this week…

Stock Market Update for Sunday, January 7th, 2018

 width=Stocks kicked off the near with a bang last week!

Markets were closed on Monday to celebrate the New Year. But on Tuesday, the major indices opened the year higher and never looked back.

The major indices finished higher on Tuesday, Wednesday, and Thursday. On Thursday, the DOW closed at 25,075, finishing above the 25,000 mark for the first time ever.

It took just 23 days for the DOW to move from 24,000 to 25,000. This is the fastest the DOW has made a 1,000 round number move in the DOW’s history.

Traders then turned their attention to the December Jobs Report.

Friday’s report showed Average Hourly Earnings in-line with expectations (0.3%), the Unemployment Rate in-line with expectations (4.1%) and Non-Farm Employment lower than expected with 148,000 Non-Farm jobs added compared to a 190,000 forecast.

But traders shook off the weaker than expected Non-Farm number, and the major indices finished the day at session highs.

The S&P, DOW, and NASDAQ ended higher for 4 days straight. And the S&P and NASDAQ closed with new records EVERY day last week.

Here’s where the major indices ended the week:

  • The S&P finished 2.6% higher. Up 70 points, the S&P ended at 2,743.
  • The DOW ended with a 2.3% gain. Adding 577 points, the DOW closed at 25,296.
  • The NASDAQ was up 3.4%. With a 233 point gain, the NASDAQ finished at 7,137.
  • Bitcoin was up 20.2%. Adding $2703, Bitcoin is trading at $16,106.

Crude Oil (CL) was up nicely for the week as well. With a 2.0% gain, CL finished at $61.47 a barrel.

Looking at stocks, tech was the big winner last week. Microsoft (MSFT) was up 3.1%, Alphabet (GOOGL) was up 5.5% and Facebook (FB) was up 5.9%. All 3 companies made new record highs with last week’s rally.

But Intel (INTC) wasn’t so fortunate. The stock lost 3.1% after security concerns. INTC has issued updates for most of their chips introduced over the last five years to address the security flaw.

Last week traders had a chance to look at the December Fed Minutes. There were no surprises, and the minutes showed that most members continue to back a gradual rate hike path. On Friday, Fed Funds Futures showed that traders expect that the Fed will raise rates in March, based on a 68.1% probability.

Here are this week’s key reports (all times ET):

  • MONDAY – FOMC Member Bostic Speaks at 12:40pm and FOMC Member Williams Speaks at 1:35pm.
  • TUESDAY – No major reports.
  • WEDNESDAY – Import Prices at 8:30am and Crude Oil Inventories at 11:00am.
  • THURSDAY – PPI Data and Unemployment Claims at 8:30am, and FOMC Member Dudley Speaking at 3:30pm.
  • FRIDAY – CPI Data and Retail Sales Data at 8:30am.

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This Stock Market Update was provided by Rockwell Trading Services LLC.

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