Wall Street lost momentum but closed its best week in years

  • US indexes added between 4.0% and 5.0% almost trimming the previous weekly slump.
  • Political jitters dented the intraday advance, may result in renewed pressure ahead.

Wall Street closed an impressive week, despite little movements on Friday. The Dow Jones Industrial Average added 19 points, and closed at 25,219.38, up for a sixth consecutive day, while the S&P closed 0.4% higher at 2.732.22. For the day, the Nasdaq Composite lost 17 points to end at 7,239.47. All of the three indexes, however, ended the week with strong gains

US indexes opened the day with a strong note but were unable to hold on to early gains amid political headlines, indicating that a US grand jury indicted several Russians for interfering in with the 2016 presidential election, according to Reuters. Speculative interest may have also chosen to lock profits ahead of the long weekend, considering the volatility seen these days.

The DJIA hit an intraday high of 25,432, stalling some 60 points below the pre-collapse level, practically erasing this week, the ones from the previous one. The index has regained some of its poise but technical readings in the daily chart suggest that bulls are not yet convinced, as the index was unable to settle above a bearish 20 SMA, while technical indicators lost upward momentum and turned lower within negative territory. Furthermore, the index stands over 1,500 points below its record high. 

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