U.S. markets showed strength throughout much of Friday’s action following reports the U.S. and China have further made concrete progress on the text of the trade agreement between the two sides.
The major indexes reached session highs midday while holding the majority of the gains into the closing bell and wrapping up a solid week. Volatility continues to ease as the VIX set another 2019 low while confirming near-term market strength.The Nasdaq jumped 0.8% after trading just south of 7,715 and a fresh 2019 high. Prior and major resistance from early October at 7,700 was cleared but held with continued closes above this level keeping 7,750-7,800 in play.The Dow was up 0.5% following the intraday run to 25,927. Mid-February and lower resistance at 25,750-26,000 was cleared and held with continued closes above the latter being a bullish signal for higher highs.The S&P 500 also added 0.5% after reaching a high of 2,830 and a new 2019 peak. Fresh and lower resistance from early October at 2,825-2,850 was cleared but held with continued closes above the latter leading towards 2,875-2,900.The Russell 2000 climbed 0.3% after trading an midday peak of 1,563.Fresh and lower resistance at 1,560-1,570 was cleared but held with a move above the latter getting 1,575-1,600 and a prior 9-session trading range back in focus.For the week, the Nasdaq rallied 3.8% while the S&P 500 surged 2.9%. The Russell 2000 was up 2.1% and the Dow tacked on 1.6%.Technology was the strongest sector on Friday after soaring 0.9% while Consumer Discretionary rose 0.3%. Real Estate and Industrials sank 1% and 0.9%, respectively, to lead sector laggards.For the week, Technology zoomed 3.6% while Real Estate and Healthcare soared 2.9% and 2.6%. There were no sector laggards.
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AT&T (T) upgraded to Outperform from Market Perform at Raymond James Colfax (CFX) upgraded to Equal Weight from Underweight at BarclaysRent-A-Center (RCII) upgraded to Outperform from Market Perform at Raymond JamesAdobe (ADBE) downgraded to Sector Weight from Overweight at KeyBancOracle (ORCL) downgraded to Market Perform from Outperform at BMO CapitalZillow (ZG, Z) downgraded to Underweight from Equal Weight at Barclays
EARNINGS Monday Before the Open (EST):Aclaris Therapeutics (ACRS), Cypress Energy Partners (CELP), GP Strategies (GPX), LB Foster (FSTR), Lumber Liquidators (LL), NRC Group (NRCG), Overstock.com (OSTK), Teligent (TLGT), Workhouse Group (WKHS)Monday After the close(EST):Amyris (AMRS), Cherry Hill Mortgage Investments (CHMI), Del Taco Restaurants (TACO), HealthEquity (HQY), StoneCo (STNE), Tilray (TLRY). Uniti Group (UNIT)
UPCOMING ECONOMIC NEWS Monday’s Economic Reports (EST):Housing Market Index – 10:00am
METALS / OILGold closed at $1,302.90 an ounce, up $7.80Silver settled at $15.32 an ounce, up $0.15Copper finished at $2.90 a pound, up $0.01Crude Oil was at $58.39 a barrel, down $0.22Bitcoin Investment Trust (GBTC) ended at$4.66, up $0.16
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Todd Mitchell
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