DJIA Turns Positive, Seeks 30,000, USD Fades

DJIA Turns Positive, Seeks 30,000, USD Fades

#Dow #USD


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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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.