2020: Wall Street Extends Rally Ahead of a Long Holiday Weekend

2020: Wall Street Extends Rally Ahead of a Long Holiday Weekend


As a reminder, the market will be closed on Monday for Martin Luther King Jr. Day.

Friday: Overall, it was a relatively subdued session that had the potential for even more gainers, as housing starts rose to their highest level in 13 years in December, China’s industrial production rose more than expected in December, and 2 of influential hedge fund managers told the financial press that they are Bullish stocks. 

Notably, there were more buyers than sellers given the amount of positive news in the market, as 9 of the 11 S&P 500 sectors finished in the Green. The communication services (+0.9%) and utilities (+0.8%) sectors outperformed, while the energy sector (-0.7%) underperformed. 

US Treasuries finished mixed amid some curve-steepening activity. The 2-yr yield declined 1bpt to 1.56%, while the 10-yr yield increased 3bpts to 1.84%. .DXY increased 0.3% at 97.62. WTI Crude Oil increased 0.1% at 58.55 bbl, and gold futures settled 9.80 higher (+0.6%) at 1,560.30 oz, up on the week

Friday, the major US stock market indexes finished at: DJIA +50.46 at 29348.01, NAS Comp +31.81 at 9388.97, S&P 500 +12.81 at 3329.62

Volume: Trade on the NYSE came in at 988-M/shares exchanged

  • NAS Comp +4.6% YTD
  • S&P 500 +3.1% YTD
  • DJIA +2.8% YTD
  • Russell 2000 +1.9% YTD

HeffX-LTN’s overall technical outlook for the major US stock market indexes for the week ended 17 January 2020 is Very Bullish

Have a terrific holiday weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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