Stocks had the best week since August – Here’s what traders are focusing on right now

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Stock Market Update Sunday, January 19th, 2020

What a week!

The week started off strong with a rally on Monday.

Then on Tuesday, stocks were mixed.

On Wednesday, stocks were higher again after a Phase One trade deal with China was signed.

Thursday was a big day for stocks. The major indices were off to the races in the morning and never looked back.

Then on Friday, stocks were higher again, wrapping up another record breaking week.

The major indices experienced their best week since August. And the DOW finished higher every day last week. 

Here’s what traders were focused on last week:

  • Trade – On Wednesday, the U.S. and China signed a Phase One trade agreement. The details of the agreement were made public after the signing, but there were no real surprises. Now the U.S. and China will begin talks again with a Phase Two deal.
  • Earnings – Q4 earnings season kicked off last week. And so far numbers are better than expected. According to FactSet, 8% of S&P 500 companies have reported. And 72% of the companies that have released earnings have reported better than expected numbers.

Here’s where the major indices ended the week:

  • The S&P finished with a 2.0% gain. Up 64 points, the S&P ended at 3,330.
  • The DOW ended higher by 1.8%. Up 524 points, the DOW closed at 29,348.
  • The NASDAQ was up 2.3%. With a 210 point gain, the NASDAQ finished at 9,389.

Crude Oil (CL) finished lower for the 2nd week in a row. Down 0.9%, CL ended the session at $58.58 a barrel. 

It was an impressive week for big banks last week.

Banks like Bank of America (BAC), Goldman Sachs (GS), and Morgan Stanley (MS) all reported better than expected numbers. But in spite of strong Q4 earnings Bank of America was actually down 0.1%. On the other hand, Morgan Stanley jumped 10.2% and Goldman finished with a 3.0% gain.

Boeing (BA) still can’t catch a break.

On Friday, Boeing was down 2.4% after reports of another software issue.

This could be handy…

There are reports that Amazon is working on turning your hand into a credit card. Amazon (AMZN) is working on technology that will allow buyers to scan their palms at checkout terminals.

This week U.S. markets are closed on Monday for Martin Luther Kind Day. And although the economic calendar will be quiet, it will be a busy week for earnings.

During the short week we’ll get earnings from companies from some big names like Intel (INTC), American Express (AXP), Netfilx (NFLX), and IBM (IBM).

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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