Stocks make new highs for the year! – Here’s what you need to know…

Stock Market Update Sunday, April 14th, 2019

Stocks were quiet for most of the week.

By Thursday, the S&P looked like it would finish with its smallest weekly range of the year.

But on Friday, the major indices finally took off.

With Friday’s gains, the S&P and NASDAQ finished with new highs for the year. The S&P finished above 2,900 for the first time in more than 6 months and is less than 1.0% from its record high.

The DOW was held back by Boeing (BA) for most of the week. But Friday’s rally made up for most of the losses earlier in the week. Boeing finished the week with a 3.1% loss and the DOW was down just 0.1%.

Here’s what traders were focused on:

  • Trade Wars – It looks like the trade war between the U.S. and China might be coming to an end. But last week President Trump threatened the European Union with tariffs. The U.S. is considering $11 billion in tariffs on a range of goods after the World Trade Organization decided that EU subsidies for Airbus (Boeing’s competitor) has an adverse impact on the U.S.
  • Uber & IPOs – On Thursday Uber filed for its IPO. The IPO should be the biggest of the year, and the company isn’t expected to make a profit anytime soon – if ever (Uber lost $3 billion last year). Another IPO that hasn’t made a profit…Lyft (LYFT). The stock lost 19.6% last week, closing at $59.89 a share.
  • Earnings SeasonJPMorgan Chase (JPM) and Wells Fargo Bank (WFC) were 2 big names kicking off earnings season. JPM was up 4.7%  after strong earnings. But WFC finished lower by 2.6% after lowering its outlook for the year.

Here’s where the major indices ended the week:

  • The S&P finished with a 0.5% gain. Up 15 points, the S&P ended at 2,907.
  • The DOW ended lower by 0.1%. Dropping 13 points, the DOW closed at 26,143.
  • The NASDAQ was up 0.6%. With a 17 point loss, the NASDAQ finished at 7,984.

Crude Oil (CL) finished higher for the 6th week in a row. Up 1.3%, CL ended at $63.91 a barrel.

Disney (DIS) had a big day on Friday, after unveiling its streaming service. The stock jumped to a record high and finished higher by 11.5%.

The competition from Disney sent Netflix (NFLX) lower. Netflix ended Friday with a 4.5% loss.

With earnings season getting underway, traders will be focused on earnings during the short week (markets are closed Friday).

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.

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