Stock Market Update Sunday, March 3rd, 2019
The S&P finished the week higher after struggling mid-week.
After a positive start on Monday, stocks dropped for 3 days in a row.
But on Friday stocks bounced back in spite of mixed news.
On Friday, manufacturing data came in worse than expected. U.S manufacturing expanded in February, and the U.S economy grew for the 118th straight month.
But the Manufacturing PMI number dropped from January and came in below expectations (54.2 vs. a 55.6 forecast).
Traders shook off the weaker than expected PMI number. And a lot of it had to do with trade optimism.
A Bloomberg story claimed the U.S. and China are working on details of a detail that could be signed by President Trump and President Xi as early as mid-March.
The S&P and NASDAQ managed to end the week higher. And the DOW made back losses from early in the week but finished 5 points lower.
Friday was the first trading day of March. And stocks are off to their best start to the year since 1991.
The S&P is up 11.8% this year, and on Friday the index closed above 2,800 for the first times since early November.
Here’s where the major indices ended the week:
- The S&P finished with a 0.4% gain. Up 11 points, the S&P ended at 2,804.
- The DOW ended flat. Dropping just 5 points, the DOW closed at 26,026.
- The NASDAQ was up 0.9%. With a 68 point gain, the NASDAQ finished at 7,595.
Crude Oil (CL) finished the week lower after a 2.5% slide on Friday. Down 2.5%, CL finished at $55.81 a barrel.
In earnings news, Foot Locker (FL) was up 6.0% on Friday after better than expected earnings. And Gap (GPS) was up 16.8% on an earnings beat. Gap also announced that they will spin off their popular Old Navy stores as a separate company.
Tesla’s much ado about nothing…
Elon Musk made a big deal about Tesla’s (TSLA) big Thursday announcement. The announcement? Tesla launched a $35,000 Model 3 and announced that it will shift all sales to online sales only. But traders didn’t seem to care. The stock finished Friday with a 7.8% loss.
This upcoming week traders will keep an eye on Friday’s Jobs Report.
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.