DOW above 28,000 for the first time ever!
|Stocks ended the week with a bang after the DOW hit 28,000 for the first time ever!
The major indices opened at new highs on Friday and then rallied higher in the morning. But after the strong start, stocks traded sideways during lunch and throughout most of the afternoon.
Then stocks were on the move again late in the day after White House Economic Advisor Larry Kudlow said that the U.S. and China are close to reaching a Phase One deal.
The final surge at the end of the day pushed the major indices to new records, where they finished at highs of the week.
It was the 6th winning week in a row for the S&P. This is the longest win-streak for the S&P since 2017. And the NASDAQ finished higher for the 7th week in a row.
Here’s where the major indices ended the week:
- The S&P finished with a 0.9% gain. Up 27 points, the S&P ended at 3,120.
- The DOW ended higher by 1.2%. Adding 324 points, the DOW closed at 28,005.
- The NASDAQ was up 0.8%. With a 66 point gain, the NASDAQ finished at 8,541.
Crude Oil (CL) finally managed to pull away from the $57 mark and finished near highs of the week. With a 0.9% gain, CL finished the day at $57.78 a barrel.
Apple (AAPL) was a big reason for the DOW’s rally on Friday. Apple was up 2.2% for the week and up 1.2% on Friday alone. But the stock has been a major contributor to the DOW’s success over the last few months as well.
Apple is up 31% since the DOW traded at 27,000 (July 11th). The move in Apple alone represents 421 points of the 1,000 the DOW needed to jump to 28,000.
Health Care stocks jumped Friday after news that the White House is going to require that hospitals and insurers disclose their negotiated rates or face a fine. The move will make medical costs more transparent.
Humana (HUM) jumped 5.5% on the news and United Health (UNH) finished the day with a 5.3% gain.
Looking at the week ahead, we’ll get the last bunch of earnings from retailers. Companies reporting include Home Depot (HD), Macy’s (M) and Target (TGT). And on Wednesday, the Fed will release the minutes from their last Fed meeting.
A trade deal between the U.S. and China will also be in the spotlight. The DOW’s push past 28,000 came after positive comments on Friday. And yesterday, Chinese media reported that a call between Chinese officials and the U.S. (US Trade Rep Lighthizer and Steven Mnuchin) was “constructive”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.