Wall Street settled higher Thursday as talks in DC on a new fresh coronavirus fiscal relief package continue to take center stage. House Speaker Pelosi said an agreement is near while Economic director Kudlow downplayed the likelihood of a deal before the Presidential election.
The Russell 2000 finished at 1,630 (+1.7%) with the session high at 1,631. Prior and lower resistance at 1,620-1,635 was reclaimed. A close above the latter would be an ongoing bullish signal for another run towards 1,650-1,665.
The S&P 500 settled at 3,453 (0.5%) following the intraday push to 3,460. Prior and lower resistance at 3,475-3,500 was recovered. A move above the latter would suggest a retest towards 3,525-3,550.
The Dow tested an afternoon peak of 28,421 while closing at 28,363 (+0.5%). Current and lower resistance at 28,250-28,500 was cleared and held. A close above the latter would indicate additional strength towards 28,750-29,000.
The Nasdaq reached an afternoon peak of 11,548 before ending at 11,506 (+0.2%). Near-term and lower resistance at 11,500-11,600 was tripped and held. A close above the latter would indicate ongoing strength towards 11,700-11,800.
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Interpublic Group (IPG) upgraded to Buy from Neutral at MoffettNathansonSynovus (SNV) upgraded to Overweight from Equal Weight at StephensTesla (TSLA) upgraded to Outperform from Market Perform at JMP Securities
BorgWarner (BWA) downgraded to Equal Weight from Overweight at BarclaysCiti (C) downgraded to Buy from Conviction Buy at Goldman SachsWayfair (W) downgraded to Accumulate from Buy at Gordon Haskett
FRIDAY’S EARNINGS ANNOUNCEMENTSBefore the open: American Express (AXP), Bloomin’ Brands (BLMN), Carter’s (CRI), First Hawaiian (FHB), Greenbrier Companies (GBX), Illinois Tool Works (ITW), OFG Bancorp (OFG), Southside Bancshares (SBSI), Triton International (TRTN), Virtus Investment Partners (VRTS)
After the close: None
FRIDAY’S ECONOMIC NEWS
PMI Manufacturing Index – 9:45am
Baker-Hughes Rig Count – 1:00pm
METALS/ OILGold closed at $1,904.60 an ounce, down $24.90Silver settled at $24.71 an ounce, down $0.53Copper finished at $3.15 a pound, down $0.05Crude Oil was at $40.57 a barrel, up $0.57Bitcoin Investment Trust (GBC) ended at $14.62 up $0.32
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Todd Mitchell
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