Market Direction: BULLISH alert
issued 1/10/2019
Is the stock market direction under pressure?
Vote BULLISH (Up) or BEARISH (Down) in the upper right side bar, the current stock market direction weekly closing numbers. Leave a comment. Now for the news…
The economy
The S&P 500 gained 0.7% on Friday, capping its best quarter since 2009 amid a risk-on sentiment and continued trade optimism. Friday's advance propped the S&P 500 to a gain of 13.1% this quarter.
The Dow Jones Industrial Average (+0.8%), the Nasdaq Composite (+0.8%), and the Russell 2000 (+0.3%) extended their quarterly gains to 11.2%, 16.5%, and 14.2%, respectively.
The S&P 500 health care (+1.2%), industrials (+1.0%), and information technology (+1.0%) sectors outperformed the broader market. Conversely, the energy (-0.2%) and real estate (-0.1%) sectors were the lone groups to finish with losses.
The market liked to hear that the U.S. and China held "constructive" trade talks in Beijing this week, according to Treasury Secretary Steven Mnuchin and the White House. Trade talks will continue next week in Washington with China's Vice Premier Liu He.
The market also liked to hear NEC Director Larry Kudlow saying he believes the Fed should cut rates by 50 basis points since there is no inflation and the U.S. economy is fundamentally healthy. Mr. Kudlow's comments came after Fed Governor Randal Quarles said further rate hikes may be necessary, as he remains optimistic about economic growth.
Lyft (LYFT 78.29, +6.29, +8.7%) was the stock of the day after the company made its highly-anticipated market debut on the Nasdaq, opening at $87.24 after its IPO priced at $72.00 per share.
In other key corporate news, several proxy firms came out in support for Celgene's (CELG 94.34, +6.89, +7.9%) proposed merger with Bristol-Myers (BMY 47.71, -0.13, -0.3%), prompting Starboard Value to withdraw its proxy solicitation. Starboard remains opposed to the deal, though.Wells Fargo (WFC 48.32, -0.77, -1.6%) CEO Tim Sloan announced he is retiring from the company. The bank's general counsel, Allen Parker, will take over immediately as interim CEO.
U.S. Treasuries ended the week on a lower note, sending yields higher across the curve. The 2-yr yield increased four basis points to 2.27%, and the 10-yr yield increased three basis points to 2.41%. The U.S. Dollar Index increased 0.1% to 97.27.
$tockMarketDirection proprietary model is currently BULLISH. We strongly encourage you to monitor positions closely, exercise proper money management strategies and follow us at $tockMarketDirection for ALERTS we may issue advising a change in the current market direction. Stay tuned and follow us. If you have a testimonial or comment of how this website has helped you we would like to know, write us. Share with a friend.
The market direction weekly closing numbers for the indexes this week compared to the initial BULLISH recommendation closing numbers:
Stock Market Closing Numbers
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compared to Recommendation Numbers
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1/10/2019
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3/29/2019
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Difference
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24,001.90
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25,928.68
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1,926.78
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6,986.07
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7,729.32
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743.25
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2,596.64
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2,834.40
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237.76
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