Stock Market Update Sunday, November 17th, 2019
Stocks ended the week with a bang after the DOW hit 28,000 for the first time ever!
The major indices opened at new highs on Friday and then rallied higher in the morning. But after the strong start, stocks traded sideways during lunch and throughout most of the afternoon.
Then stocks were on the move again late in the day after White House Economic Advisor Larry Kudlow said that the U.S. and China are close to reaching a Phase One deal.
The final surge at the end of the day pushed the major indices to new records, where they finished at highs of the week.
It was the 6th winning week in a row for the S&P. This is the longest win-streak for the S&P since 2017. And the NASDAQ finished higher for the 7th week in a row.
Here’s where the major indices ended the week:
- The S&P finished with a 0.9% gain. Up 27 points, the S&P ended at 3,120.
- The DOW ended higher by 1.2%. Adding 324 points, the DOW closed at 28,005.
- The NASDAQ was up 0.8%. With a 66 point gain, the NASDAQ finished at 8,541.
Crude Oil (CL) finally managed to pull away from the $57 mark and finished near highs of the week. With a 0.9% gain, CL finished the day at $57.78 a barrel.
Apple (AAPL) was a big reason for the DOW’s rally on Friday. Apple was up 2.2% for the week and up 1.2% on Friday alone. But the stock has been a major contributor to the DOW’s success over the last few months as well.
Apple is up 31% since the DOW traded at 27,000 (July 11th). The move in Apple alone represents 421 points of the 1,000 the DOW needed to jump to 28,000.
Health Care stocks jumped Friday after news that the White House is going to require that hospitals and insurers disclose their negotiated rates or face a fine. The move will make medical costs more transparent.
Humana (HUM) jumped 5.5% on the news and United Health (UNH) finished the day with a 5.3% gain.
Looking at the week ahead, we’ll get the last bunch of earnings from retailers. Companies reporting include Home Depot (HD), Macy’s (M) and Target (TGT). And on Wednesday, the Fed will release the minutes from their last Fed meeting.
A trade deal between the U.S. and China will also be in the spotlight. The DOW’s push past 28,000 came after positive comments on Friday. And yesterday, Chinese media reported that a call between Chinese officials and the U.S. (US Trade Rep Lighthizer and Steven Mnuchin) was “constructive”.
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.