Friday's Market Recap - Dow Rally More Than 330 Points As Washington Averts Another Govt. Shutdo
What is The Premarket Telling Us?
7:30 AM.
Stock futures are modestly higher at this hour in the premarket. Dow futures are up 27 points, Nasdaq futures up 5.25 points, and S&P futures up 2 points. President Trump expected to sign the spending bill this morning, averting another government shutdown, and US China trade talks remains on track.
On The Bond Desk:
The US 10 Year Bond Yield at 2.66%, down 0.05% or five basis points.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $54.68/barrel, up 0.58%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded decidedly lower today. Japan (Nikkei 225) lost 1.13%, Shanghai down 1.42%, Hong Kong (Hang Seng) down 1.87%
Major European markets were solidly up. German (DAX) gained 1.89%, France CAC 40 rose 1.79%, London FTSE 100 was up 0.55%.
Market And Sector Dynamics
Markets opened the trading day moderately lower, but turned higher, shortly after the open. The Dow gained 214 points, Nasdaq rose 45.59 points, and the S&P up 20.30 points. Investors are relieved that today, the President will sign the bipartisan spending bill negotiated by Democratic and Republican legislatures. The President also indicated he would also sign an emergency declaration, to get additional funding for his wall, which he had promised Mexico was going to pay for. There was also growing optimism in the markets that trade negotiations between the US and China remain on track, and seems to be moving in a positive direction.
Stocks jumped higher just before noon, remaining elevated for the rest of the trading session. At the high, the Dow was up more than 430 points.
Today's rally was positive and broad based, with all eleven S&P sectors of recording solid gains. Financials, Energy, Healthcare, Basic Materials, Industrials, Technology, Consumer Discretionary, and Real Estate, were the outperforming sectors
Factors Influencing Today's Market
Optimism surrounding the US China trade talks taking place in China.
The President signed the spending bell today, averting another government shutdown.
Crude oil traded decidedly today. WTI crude oil closed at $55.59/barrel, up 2.17%.
This week's Baker Hughes US Oil Rig count rose 3 rigs to 857.
February Consumer Sentiment rebounded to 95.5 vs 91.20 in January, which was dragged down by the government shutdown.
Asian Markets were solidly lower today, while European markets recorded solid gains.
Market Close Volume Traded And Advance Decline Ratio
On the close of trading today, the Dow soared 339.98 points, Nasdaq gained 45.46 points, and the S&P rose 29.87 points. Total NYSE volume traded, a light 3.60 billion shares. Advancing shares outpaced Declining shares better than 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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