Stock Market Update Sunday, February 24th, 2019
With major exchanges closed on Monday for President’s Day, the trading week kicked off on Tuesday.
And the short week got off to a nice start with stocks higher on Tuesday and Wednesday.
But Thursday was a rough one. The major indices opened lower and struggled for most of the day. By the end of the session stocks and erased the week’s early gains.
Then on Friday stocks bounced right back. And the major indices wrapped up the week at highs of the year.
Traders were mostly focused on trade talks last week. And it sounds like there’s more and more progress being made.
According to reports, China has agreed to buy $1.2 billion in U.S. goods. President Trump said that with the progress being made he is looking at extending the March 1st tariff deadline, and is hoping to meet with Chinese President Xi next month.
The Fed also helped with last week’s rally. January’s Fed Minutes showed that the Fed will remain “patient” when raising rates. And traders love the idea of keeping rates low.
Without any major concerns, the DOW and NASDAQ closed higher for the 9th week straight.
The S&P closed higher for the 4th week in a row, and according to FactSet, the S&P hasn’t had a drop of 1% or more in the last 20 days.
Here’s where the major indices ended the week:
- The S&P finished with a 0.6% gain. Up 17 points, the S&P ended at 2,793.
- The DOW ended higher by 0.6%. Adding 149 points, the DOW closed at 26,032.
- The NASDAQ was up 0.7%. With a 55 point gain, the NASDAQ finished at 7,528.
Crude Oil (CL) finished higher for the 2nd week in a row. With a 2.3% gain, CL ended at $57.25 a barrel.
Kraft Heinz (KHC) was messy on Friday after reporting worse than expected earnings. A dividend cut and SEC investigation didn’t help matters, and the stock lost 27%!
Even the Oracle of Omaha didn’t see that coming.
Warren Buffet’s Berkshire Hathaway shared that it took a $3 billion loss on KHC in the 4th quarter alone.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.