The market traded in a tight range on Thursday with the major indexes settling mostly higher for the shortened session after attempts to alter a $2.3 trillion coronavirus aid package was blocked by the Republican party.
President Trump’s demand for extensive changes and leaving benefits for millions of Americans is now at risk with House Speaker Pelosi saying the chamber will now vote on the stimulus-check increase on Monday.
The S&P 500 settled on its session high of 3,703 (+0.4%). Near-term and lower resistance at 3,700-3,725 was reclaimed. A close above the latter and the current all-time peak at 3,726 would indicate strength towards 3,750-3,775.
The Nasdaq fell 8 points shy of its record high after ending at 12,804 (+0.3%) and the morning high tapping 12,833. Current and lower resistance at 12,800-12,900 was cleared and held. A move above the latter would suggest momentum towards 13,000-13,100.
The Dow finished at 30,199 (+0.4%) while trading to a high of 30,209. Near-term and lower resistance at 30,250-30,500 was challenged but held. A pop above the latter would signal further upside towards 30,750-31,000 with the current lifetime top at 30,343.
The Russell 2000 tagged a fresh all-time high of 2,013 before closing lower at 2,003 (-0.2%). Uncharted territory and lower resistance at 2,010-2,030 was breached but held. A close above the latter would indicate continued upside towards 2,040-2,060. Below is a chart of the IWM.
For the week, the Russell 2000 jumped 1.6% and the Nasdaq gained 0.4%. The Dow added 0.2% while the S&P 500 slipped 0.2%.
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HMS Holdings (HMSY) downgraded to Equal Weight from Overweight at Wells FargoHino Motors (HINOY) downgraded to Neutral from Conviction Buy at Goldman Sachs
Fujifilm (FUJIY) upgraded to Outperform from Neutral at DaiwaShawcor (SAWLF) upgraded to Outperform from Sector Perform at National Ban
MONDAY’S EARNINGS ANNOUNCEMENTSBefore the open: CSP Inc. (CSPI), Secoo Holding (SECO), Weibo (WB)
After the close: Anavex Life Sciences (AVXL)
MONDAY’S ECONOMIC NEWSDallas Fed Manufacturing Business Index – 10:30am
METALS/ OILGold closed at $1,883.20 an ounce, up $5.10Silver settled at $25.91 an ounce, down $0.01Copper finished at $3.56 a pound, unchangedCrude Oil was at $48.23 a barrel, down $0.01Bitcoin Investment Trust (GBTC) ended at $27.35 down $1.53
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Todd Mitchell
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