$DIA $SPY $QQQ $RUTX $VXX
DJIA finished Friday in the Green, just about 3% off record closing high as stock market is on track for best August in 36 yrs, the .DXY fell 0.7% to 92.32, and the VIX declined 6.2% to 22.96
Friday, US stocks finished the week and day higher, capping a powerful monthly rally for equities that has the main benchmarks at or near records, powered by gains in tech and e-Commerce stocks as well as financials, on growing optimism around virus cures and treatments.
The moves for the week were also framed largely by a speech from Fed Chairman Jerome Powell that ushered in an era of looser monetary policy after the central bank dropped its longstanding practice of pre-emptively lifting rates to head off higher inflation.
Both the S&P 500 and the NAS Comp closed the session at records. The Dow closed up positive for the year, erasing its virus-induced losses, for a week-to-date gain of 0.4%. The blue-chip benchmarks is about 3% shy of its 12 February record closing high.
On the week, the DJIA rose 2.6%, the S&P 500 spiked 3.3%, while the NAS Comp marked a weekly gainer of 3.4%.
For the month so far, the DJIA gained 8.4%, the S&P 500 rose 7.2%, and the NAS Comp ended up 8.8%.
The gainers for the DJIA and the S&P 500 represent the best August returns thus far since Y 1984, according to Dow Jones Market Data.
For the NAS, it is the best August so far since Y 2000. In economic reports, data showed US personal income rose 0.4% in July, while consumer spending was up 1.9%.
The final reading of the University of Michigan’s August consumer sentiment index (MSI) came in at 74.1 Vs a preliminary reading of 72.8 and up from 72.5 in July.
Friday, the major US stock market indexes finished at: DJIA +161.60 at 28653.87, NAS Comp +70.30 at 11695.64, S&P 500 +23.46 at 3508.01
Volume: Trade on the NYSE came in light at 789-M/shares exchanged
HeffX-LTN’s overall technical outlook for the major US stock market indexes the weekended 28 August 2020 is Very Bullish.
- NAS Comp +30.4% YTD
- S&P 500 +8.6% YTD
- DJIA +0.4% YTD
- Russell 2000 -5.4% YTD
Looking Ahead: Investors will not receive any notable economic data Monday
Have a healthy weekend, Keep the Faith!
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