Friday's Market Recap: Dow Up, Nasdaq And S&P At Record Highs, Ahead Of Possible Government
What is The Premarket Telling Us?
6:45 AM.
US stock futures are higher just shy of three hours before market open, on the last trading day, of the shortened week. Dow futures up 99 points, Nasdaq futures up 36 points, and S&P futures up 9 points.
On The Bond Desk:
US 10 year bond yield at 2.61%, up 0.03 % or three basis point.
Currency Desk:
Euro dollar at 1.22
UK Pound at 1.38
Crude Oil:
WTI crude oil futures at $63.49/barrel, down 0.72 %.
On the Earnings Calendar:
American Express reported better than expected 4th. Qtr. Earning results. The company took a one time charge for the recent tax cut, causing it to record a loss for the quarter, and will suspend it buyback program until mid year.
IBM 4th. Qtr. earning performance was also better than expected. After 26 losing quarters, he company generated a profit, and suggested the turnaround is well on the way.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed higher. Japan (Nikkei 225) gained 0.19%, Shanghai up 0.38%, Hong Kong (Hang Seng) up 0.41%.
Major European markets in their session. Germany (DAX) up 1.15%, France CAC 40 up 0.58%, London FTSE 100 up 0.39%.
Market And Sector Dynamics
Stocks opened modestly positive, to start the trading day. The Dow rose 13 points, Nasdaq gained 23 points, and the S&P added 7 points, even as the odds of a government shutdown has increased. Both Asian, and European markets are also positive today, as synchronize global growth continues to excite investors.
Shares of American Express, and IBM are weighing negatively on the markets, early, accounting for about 50 Dow points.
The US 10 year bond yield, also continued to rise, hitting 2.63% in today's trading, hitting a three year high
Markets turned lower a short while after the open, and remained in negative territory, until mid-afternoon, when stocks climbed back into positive territory, and managed to hold on into the close.
Today's rally was broad-based, Nine of eleven S&P sectors closed with solid gains, led by consumer goods, basic materials, financials, industrials, and healthcare.
Factors Influencing Today's Market
Crude oil traded lower in today's session. WTI crude oil price closed modestly lower, at $63.57/barrel, down 0.59%.
This week's Baker Hughes Oil Rig count up 5 rigs to 747 total.
Strong 4th. Qtr. Earning results from American Express, and IBM.
The US 10 year bond yield is sitting at record highs at 2.63%.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading the Dow gained 53.91 points, Nasdaq rose 40.33 points, S&P added 12.27 points. Total NYSE volume traded, 3.67 billion shares. Advancing shares outpaced Declining shares better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments