Friday, investors took some profits after the American Aid bill was passed and sent to President Trump for signing.
By the end of the session, the DJIA was off 4.1%, S&P 500 and NAS 3.8 shed 3.4% and 3.8% respectively.
The strong gains made on the week drove the DJIA up 12.8% for its best weekly gainer since Y 1938, and the S&P 500 rose 10.3% for its best weekly gainer since Y 2009.
Early Friday, the House of Representatives cleared the American aid/stimulus bill afternoon, sending it to President Trump’s desk to sign, which he did. Then the House adjourned for a long recess and will return later in the Spring to consider further legislation
Losses on the 3 major indices Friday tracked declines in European equities, after EU member countries failed to agree on a concrete plan to address the coronavirus outbreak in the region.
Friday, the major US stock market indexes finished at: DJIA -915.39 to 21636.84, NAS Comp -295.16 to 7501.73, S&P 500 -88.60 to 2541.47
Volume: Trade on the NYSE came in at 1.4-B/shares exchanged
- NAS Comp YTD: -16.4%
- S&P 500 YTD: -21.3%
- DJIA YTD: -24.2%
- Russell 2000 YTD: -32.2%
HeffX-LTN’s overall technical outlook for the major US stock market indexes if Neutral with a Bullish bias at the week ended 27 March 2020.
Looking Ahead: Pending Home Sales for February Monday.
Have a safe week, stay home!