Friday, the S&P 500 finished +1.4% on Friday, wrapping up a negative week on a positive note with buyers coming into the close as sellers faded.
All 11 S&P 500 sector indexes finished in the Green, with IT leading at + 2.1% and materials rallied 1.5%.
The tech giants drove the action Friday, Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) each rose more than 1%, lifting the S&P 500 more than any other companies. The 2 tech giants will report their Q-1 results next week, giving investors a glimpse at how the virus chaos has affected their global businesses.
The benchmark index has recovered 25%+ from its 23 March lows, expectations are growing that more businesses will be allowed to reopen as COVID-19 coronavirus shows signs of peaking.
The SPY has cut through and settled above the Key overhead resistance that has turned to Key support marked by the fat Green line on the chart below.
The State of Georgia became the 1st state to push ahead with its plan to allow many small businesses to reopen Friday
President Trump signed the $484-B interim coronavirus aid/relief bill Friday that will add another $310-B to the small-business Paycheck Protection Program (PPP), as well as provide billions in aid to hospitals and for testing.
The DJIA rose 1.1%, the NAS Comp rose 1.7%, and the Russell 2000 rose 1.6%.
The CBOE Volatility Index, aka Wall Street’s fear gauge, was down for the 3rd session running falling through the 40 mark.
Friday, the major US stock market indexes finished at: DJIA +260.01 at 23775.27, NAS Comp +139.77 at 8634.53, S&P 500 +38.94 at 2836.74
Volume: Trade on the NYSE came in at 1.1-B/shares exchanged
- NAS Comp -3.8% YTD
- S&P 500 -12.2% YTD
- DJIA -16.7% YTD
- Russell 2000 -26.1% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes at the week ended 24 April 2020 is Neutral with a strong Bullish bias, as 3 Key indicators are now Very Bullish.
Looking Ahead: Investors will not receive any notable economic data Monday.
Have a healthy weekend, Keep the Faith!