Bulls Get 2nd-Straight Weekly Win
MARKET SUMMARY
U.S. markets surged in the final hour of trading on Friday to finish the week in positive territory. It was the second-straight week of gains for the major indexes following the 10% overall correction from earlier this month with nearly half of the losses recovered.
The Dow jumped 1.4% after testing a high of 25,313 while closing above the 25,000 level for the first time in four sessions. The S&P 500 soared 1.6% after reaching an intraday peak of 2,747 while closing a half-point off its high. For the week, the Dow was up 0.4% while the S&P 500 added 0.6%.
The Nasdaq zoomed 1.8% after making a run to 7,337 into the closing bell while clearing the 7,300 level for the first time since the start of the month. The Russell 2000 rallied 1.3% making another run at its 50-day moving average. The index fell shy of holding this level for a 5th-straight session by a tenth-point after closing at 1,549. For the week, the Nasdaq advanced 1.4% while the Russell 2000 climbed 0.4%.
TRADE OF THE DAY
CHASING TRADES
ANALYST UPGRADES / DOWNGRADES
FedEx (FDX) upgraded to Outperform from Market Perform at Bernstein
Devon Energy (DVN) upgraded to Buy from Hold at KLR Group
Lennar (LEN) upgraded to Outperform from In Line at Evercore ISI
Ardagh Group (ARD) downgraded to Market Perform from Outperform at Wells Fargo
Echo Global (ECHO) downgraded to Underweight from Equal Weight at Morgan Stanley
UPS (UPS) downgraded to Hold from Buy at Deutsche Bank
EARNINGS
Monday's scheduled earnings include:
Before the open: Armstrong World Industries (AWI), Boise Cascade (BCC), Copart (CPRT), Dean Foods (DF), Eagle Pharmaceuticals (EGRX), Government Properties (GOV), National Storage Affiliate Trust (NSA), Sanchez Energy (SN), Vistra Energy (VST), Welbilt (WBT)
After the close: 2U (TWOU), American States Water (AWR), Black Stone Minerals (BSM), Carrizo Oil & Gas (CRZO), Douglas Dynamics (PLOW), Exelixis (EXEL), FitBit (FIT), Howard Hughes (HHC), JBT (JBT), NutriSystem (NTRI), Palo Alto Networks (PANW), Pegasystems (PEGA), SBA Communications (SBAC), Scripps Networks International (SNI), Tenet Healthcare (THC), Veritone (VERI)
UPCOMING ECONOMIC NEWS
Monday's economic reports (EST):
Chicago Fed National Activity Index - 8:30am
New Home Sales - 10:00am
Dallas Fed Manufacturing Survey - 10:30am
METALS / OIL
Gold closed at $1,330.30 an ounce, down $2.40
Silver settled at $16.48 an ounce, down $0.10
Copper finished at $3.21 a pound, down $0.03
Crude Oil closed at $63.57 a barrel, up $0.80
Bitcoin Investment Trust (GBTC) settled at $17.21, up $0.29
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Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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