Market Direction Weekly Closing Numbers

The economy

Roughly 26% of the S&P 500 has reported Q1 earnings and so far approximately 73% have beat the EPS estimate but only 56% have beat the top-line estimate (vs. the respective 68% and 46% in Q4).

Equity indices spent the bulk of their trading day in negative territory, pressured by heavily-weighted technology (-1.9%) and consumer discretionary (-0.3%). The two sectors traded behind the market for the entire session and helped waylay a larger rebound attempt. For its part, crude oil added support to the broader market as the energy component finished the day higher by 1.4% ($43.77/bbl).

The major averages would carve out new session lows in the late morning, spurred on by growing losses in the heavyweight health care space (+0.2%). However, the broader market would stage a recovery in the afternoon, as eight sectors extended their gains. By the end of the session, energy (+1.3%), financials (+1.0%), utilities (+0.9%), and telecom services (+0.8%) topped the leaderboard. Meanwhile, technology (-1.9%) and consumer discretionary (-0.3%) finished with the only losses.

On the currency front, the U.S. Dollar Index (95.11, +0.51) ended its day broadly higher as the yen and euro weakened against the greenback. The dollar/yen pair jumped 2.0% (111.63) after comments from Japanese officials alluded to the possibility that the Bank of Japan may apply negative interest rates to bank loans. For its part, the euro/dollar pair fell 0.6% to 1.1226.

Treasuries ended the day lower with the yield on the 10-yr note rising two basis points to 1.88%. This represents a 13-basis point gain from last Friday's settlement at 1.75%.

Today's trading volume was strong with more than one billion shares changing hands at the NYSE floor.

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By the numbers the weekly closing index numbers compared to the initial sign-up and subscribe recommendation closing numbers: 

Stock Market Closing Numbers
compared to Recommendation Numbers
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Nasdaq	?	?	?
S&P 500	?	?	?

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