Friday's Market Recap - Investors Celebrate End Of Government Shutdown With Solid Rally.
What is The Premarket Telling Us?
7:00 AM.
We have a positive market setup this morning. US stock futures are all green. Dow futures up 181 points, Nasdaq futures rose 68 points, and S&P futures up 20 points. Here at home, after two failed votes in the Senate yesterday, one bill with money for a wall, the other without. In a surprise twist, the Bill without money for a wall gained more votes. This morning it does appear that this standoff is coming to an end.
On The Bond Desk:
The US 10 Year Bond Yield at 2.71%, unchanged.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.31
Crude Oil:
WTI crude oil futures $53.23/barrel, down 0.19%.
On the Earnings Calendar:
Homebuilder DR Horton, missed quarterly earnings expectations, but revenues beat expectation.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were higher on Friday. Japan (Nikkei 225) up 0.97%, Shanghai up 0.39%, Hong Kong (Hang Seng) dained 1.65%.
Major European markets were mostly higher. German (DAX) rose1.36%, France CAC 40 up 1.11%, London FTSE 100 lost 0.14%.
Market And Sector Dynamics
Stocks opened today's trading session solidly positive, with the Dow 164.29 points, Nasdaq rose 42.15 points, and S&P rose 15.58 points. Markets are enjoying some good news this morning. A deal has been struck by the Congressional leaders and the President, to vote on a clean Continuing Resolution to open and fund the government, and President Trump, will agree to support the bill, with an announcement in the Rose Garden this morning.
The markets ripped higher, since the open, which saw the Dow reaching a high of 300 points, around 11:00 AM. The markets did pull back a bit after the announcement of the reopening of the government by the President.
Today's rally could be characterized as convincingly positive and broad based, with nine of the eleven S&P sector closing solidly higher, led by Basic Materials, Technology, Industrials, Energy, Real Estate, Consumer Discretionary, and Communication Services.
Factors Influencing Today's Market
The President ends the government shutdown in an announcement in the Rose Garden this morning.
Crude oil traded higher today. WTI crude prices closed at $53.69/barrel, up 1.05%.
This week's Baker Hughes Oil Rig count up 10 to 862 total.
Asian and European markets were mostly higher today.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, all the indices were higher. The Dow gained 183.96 points, Nasdaq rose 91.40 points, and the S&P up 22.43 points. Total NYSE volume traded, 3.05 billion shares. Advancing shares outpaced Declining shares beter than 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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