The stock market showed continued volatility on Friday despite a strong employment report that came in with a better-than-expected 379,000 jobs added in February. This reaffirmed the building momentum in the economic recovery, but also causing a rise in Treasury yields and concerns over higher inflation. The major indexes rallied in the final hour of trading, shaking off earlier declines while ending three-session losing streaks. The gains helped erase weekly losses for the broader market and the blue-chips as both closed higher while Tech and the small-caps settled lower for the week. The Russell 2000 showed the most strength after testing a late day peak of 2,193 before closing at 2,192 (+2.1%). Near-term and lower resistance at 2,175-2,200 was recovered. A move above the latter would signal continued upside towards 2,225-2,250. Below is a chart of the IWM.
The S&P 500 traded to a high of 3,851 before finishing at 3,841 (+2%) and back above the 50-day moving average. New and lower resistance at 3,850-3,875 was cleared and held. A pop above the latter would indicate a retest towards 3,900-3,925.
The Dow ended at 31,496 (+1.9%) after tagging a second half high of 31,580. Lower resistance at 31,500-31,750 was breached but held. A close above the latter would suggest a continued rebound towards 32,000-32,250 with the February all-time peak at 32,009.
The Nasdaq tapped an intraday high of 12,941 while settling at 12,920 (+1.6%). Fresh and lower resistance at 12,875-13,000 was cleared and held. A move above the latter would suggest ongoing strength towards 13,100-13,225.
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MONDAY’S EARNINGS ANNOUNCEMENTS Before the open: Minerva Neurosciences (NERV), Nine Energy Service (NINE), Oncas Holdings (ONDS), RadNet (RDNT), U.S. Auto Parts Network (PRTS), Xpeng (XPEV)
After the close: 17 Education & Technology Group (YQ), Atlas (ATCO), Benefitfocus (BNFT), Casey’s General Stores (CASY), ContextLogic (WISH), Del Taco Restaurants (TACO), Full House Resorts (FLL), GoHealth (GOCO), Harrow Health (HROW), Mohawk Group (MWK), National CineMedia (NCMI), Penn Virginia (PVAC), Shift Technologies (SFT), Stitch Fix (SFIX), Turquoise Hill Resources (TRQ)
MONDAY’S ECONOMIC NEWSWholesale Trade Sales – 10:00am
METALS/ OILGold closed at $1,698.50 an ounce, down $2.20Silver settled at $25.29 an ounce, down $0.17Copper finished at $4.08 a pound, up $0.10Crude Oil was at $66.28 a barrel, up $2.06Bitcoin Investment Trust (GBTC) ended at $43.80 up $2.40
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Todd Mitchell
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