President Trump Declares ‘America First’ Stocks Surge
$DIA, $SPY, $QQQ, $VXX, $FDX
- Traders buying momentum keep The Trump Rally going
FLASH: Friday, FedEx Corp. (NYSE:FDX) is spending more than $3.2-B on wage increases, bonuses, pension funding and capital investment, due to The Trump Tax Reform signed into law in December.
The S&P 500, the DJIA and the NAS Comp climbed to new highs Friday, driven by strong earnings from Intel and drug-maker AbbVie as well as a weaker USD, putting the 3 main US stock indexes on track for their best 4-week rally since Y 2016.
The strong earnings reports helped investors look beyond any neutral to negative economic data, as strong consumer spending resulted in a surge in imports.
GDP increased at a 2.6% annual rate in Q-4, the US Commerce Department said in its advance GDP report. Economists polled by Reuters had forecast the economy to expand at a 3% rate.
The Q-4 print showed that domestic demand is really strong, and perhaps beginning to push against the capacity constraints of the economy.
“Now is the perfect time to bring your business, your jobs and your investments to the United States,” President Trump told his Keynote speech audience at Davos Friday evening.
Financial markets have moved North this week on comments from President Trump and Top US officials at the World Economic Forum (WEF) in Davos, CH.
US Treasury Secretary Steven Mnuchin’s endorsement of a weak USD early Wednesday triggered a slide in the US currency. It recouped some of the losses after President Trump said he ultimately wants the Buck to be strong, then faded further.
The US Dollar (.DXY) Index finished -0.5% at 88.91 on the day.
Friday, the major US stock market indexes finished at: DJIA +223.92 at 26616.71, NAS Comp +94.61 at 7505.77, S&P 500 +33.62 at 2872.87
Volume: Trade on the NYSE came in at: 804-M/shares exchanged
- NAS Comp: +8.7% YTD
- DJIA: +7.7% YTD
- S&P 500: +7.5% YTD
- Russell 2000: +4.7% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Very Bullish (0.60)||Bullish (0.37)||Very Bullish (0.73)||Very Bullish (0.71)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Very Bullish (0.67)||Very Bullish (0.62)||Very Bullish (0.77)||Very Bullish (0.62)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.48)||Bullish (0.37)||Very Bullish (0.61)||Bullish (0.46)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Neutral (-0.19)||Neutral (0.00)||Neutral (-0.21)||Bearish (-0.38)|
Have a terrific weekend.