Market Direction: BULLISH alert
issued 6/20/2019
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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 stock market wrapped up the week on a high note, as upbeat results from Alphabet (GOOG 1250.41, +118.29, +10.5%) and encouraging Q2 GDP data helped lift the S&P 500 (+0.7%) and Nasdaq Composite (+1.1%) to record closes. The Russell 2000 rose 1.1%, while the Dow Jones Industrial Average increased just 0.2%.
Friday's session, much like in the days before, included its fair share of better-than-expected earnings reports. Alphabet gets the lead due to its mega-cap status, but honorable mentions include Starbucks (SBUX 99.11, +8.13, +8.9%) and Twitter (TWTR 41.80, +3.68, +9.7%). Dow components Intel (INTC 51.59, -0.57, -1.1%) and McDonald's (MCD 215.58, +1.14, +0.5%) underperformed despite positive results.
Besides earnings, the fact that the U.S. economy continues to grow at a healthy pace was a positive consideration for investors. The advance estimate for second-quarter GDP increased 2.1% (Briefing.com consensus 1.8%), which did mark a modest slowdown from last quarter but not as much as expected due to strong consumer spending.
The S&P 500 communication services sector (+3.3%), which is home to Alphabet and Twitter, nearly tripled the advance in the runner-up consumer staples sector (+1.2%). Laggards included energy (-0.5%) and industrials (-0.2%), although losses were modest.
Amazon (AMZN 1942.70, -31.22, -1.6%) was also left out of the advance after the company missed profit estimates and guided Q3 operating income below expectations.
In corporate news, Intel confirmed that Apple (AAPL 207.74, +0.72, +0.4%) will acquire most of its smartphone modem chip business for $1 billion. 3M (MMM 173.98, -4.15, -2.3%) disclosed an internal investigation to determine if its expenditures may have violated the U.S. Foreign Corrupt Practices Act. The Department of Justice approved the merger between T-Mobile US (TMUS 84.25, +4.34, +5.4%) and Sprint (S 7.99, +0.55, +7.4%).
U.S. Treasuries finished the session with slight losses, pushing yields higher. The 2-yr yield increased two basis points to 1.87%, and the 10-yr yield increased one basis point to 2.08%. The U.S. Dollar Index advanced 0.2% to 98.01. WTI crude increased 0.3% to $56.19/bbl.
$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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6/20/2019
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7/26/2019
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Difference
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26,753.20
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27,192.45
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439.25
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8,051.34
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8,330.21
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278.87
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2,954.18
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3,025.86
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71.68
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