Market Direction: BULLISH alert
issued 1/10/2019
Is the stock market going to climb higher?
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 advanced 1.0% on Friday, as a strong employment report underpinned a move back to near all-time highs. Friday's gains helped the benchmark index finish the week higher by 0.2%.
The Nasdaq Composite (+1.6%) set a new closing record, and it also finished the week higher by 0.2%. The Russell 2000 (+2.0%) outperformed and finished the week with a gain of 1.4%. The Dow Jones Industrial Average (+0.8%) reduced its weekly loss to 0.1%.
Once again, the April Employment Situation report pointed to strong headline growth and subdued inflationary pressure stemming from rising wages. Nonfarm payrolls increased by 263,000 while average hourly earnings were up just 0.2%, leaving them up 3.2% yr/yr and unchanged from the March report.
The robust jobs data fueled a broad-based rally in U.S. equities, abated the selling in the Treasury market, and contributed to a noticeable decline in the CBOE Volatility Index (12.95, -1.46, -10.1%).
All 11 of the S&P 500 sectors finished higher with gains ranging from 0.7% (utilities) to 1.4% (consumer discretionary).
Amazon (AMZN 1962.46, +61.64) rose 3.2% after Warren Buffet said Berkshire Hathaway (BRK.B 218.60, +2.67, +1.2%) has been buying shares of the company. Its outperformance contributed to the leadership of the consumer discretionary sector.
The S&P 500 energy sector (+0.8%) was a strong performer for most of the session as oil prices ($61.93/bbl, +$0.16, +0.3%) stabilized, but the group succumbed to selling interest into close. The energy space had fallen in tandem with oil this week, finishing the week with a steep loss of 3.3%.
U.S. Treasuries ended the week on a higher note, pushing yields slightly lower. The 2-yr yield and the 10-yr yield declined two basis points each to 2.32% and 2.53%, respectively. The U.S. Dollar Index lost 0.4% to 97.49.
$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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5/3/2019
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Difference
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24,001.90
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26,504.95
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2,503.05
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6,986.07
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8,164.00
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1,177.93
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2,596.64
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2,945.64
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349.00
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