The market closed higher on Friday after President Trump signed nearly a $500 billion coronavirus Phase 3.5 relief bill that will replenish the small business rescue program known as the Paycheck Protection Program (PPP).
The higher close wasn’t enough to offset an overall weekly loss for the bulls, the first in 3 weeks. The small-caps escaped the pullback by closing higher for the week but remain below a key level of resistance.
The Nasdaq reached an intraday peak of 8,642 while closing at 8,634 (+1.7%). New resistance at the 8,650 was challenged but held on the 3rd-straight close above the 50-day and 200-day moving averages.
The Russell 2000 rallied to a late session high of 1,238 while closing at 1,233 (+1.6%). Key resistance at the 1,235 level was cleared but held with continued closes above this level keeping a retest towards 1,250 in play.
The S&P 500 traded to an afternoon high of 2,842 before settling at 2,836 and back above the 50-day moving average (+1.4%). Fresh resistance at 2,850 is in play with a close above this level signaling additional momentum towards 2,875-2,900.
The Dow closed at 23,775 (+1.1%) after testing an afternoon high of 23,826. Current resistance at 23,750 was cleared but held with continued closes above this level signaling additional upside towards 24,000 and the 50-day moving average.
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eBay (EBAY) upgraded to Buy from Hold at StifelFirstService (FSV) upgraded to Outperform from Market Perform at William BlairImmunomedics (IMMU) upgraded to Neutral from Sell at Goldman Sachs
Hershey (HSY) downgraded to Neutral from Overweight at Piper SandlerImax (IMAX) downgraded to Neutral from Outperform at WedbushTerex (TEX) downgraded to Neutral from Outperform at Credit Suisse
MONDAY’S EARNINGS ANNOUNCEMENTSBefore the open: Affiliated Managers Group (AMG), CNX Resources (CNX), Dorman Products (DORM), Lexicon Pharmaceuticals (LXRX), United Microelectronics (UMC), Washington Trust Bancorp (WASH)
After the close: Applied Materials (AMAT), Brown & Brown (BRO), Celanese (CE), Crane (CR), F5 Networks (FFIV), Harmonic (HLIT), Intevac (IVAC), J & J Snack Foods (JJSF), Keurig Dr Pepper (KDP), Luxfer Group (LXFR), OneMain Holdings (OMF), PPG Industries (PPG), QTS Realty Trust (QTS), Reliant Bancorp (RBNC), Simpson Manufacturing (SSD), TCF Financial (TCF), Universal Health Services (UHS), WesBanco (WSBC)
MONDAY’S ECONOMIC NEWSISM New York Business Conditions – 9:45amFactory Orders – 10:00am
METALS/ OILGold closed at $1,735.60 an ounce, down $9.80Silver settled at $15.26 an ounce, down $0.10Copper finished at $2.34 a pound,