S&P 500 Finished Higher, Bonds Tumble
$DIA, $SPY, $QQQ, $VXX
Treasuries slumped as the Buck fell.
The S&P 500 Index finish near session highs paring its weekly decliner to 2%. The DJIA charged back to all but erase a fall that saw 400 pts off on the lows.
The threat of a trade war dubbed The Trump Torpedo is said to have triggered the early selling, only to ease as the President’s recent history of backing off seemingly iron-clad policy positions gave rise to speculation the actual levies may not disrupt global growth.
People forget that President Trump is a negotiator, and when you negotiate, you don’t negotiate from the point where you want it to end up, you stake out, and you negotiate from there. Thursday was the stake.
“No steel, No country, and trade wars are good.”
President Trump pushed back against criticism of the steel and aluminum tariffs he proposed Thursday, saying “trade wars are good.”
The Key takeaway from the report is that consumer sentiment remains near multi-year highs with consumers showing little concern about the prospect of rising interest rates.
Friday, the US major stock market indexes finished at: DJIA -70.92 at 24538.06, NAS Comp +77.31 at 7257.86, S&P 500 +13.58 at 2691.25
Volume: Trade on the NYSE came in at: 919-M/shares exchanged
- NAS Comp +5.1% YTD
- S&P 500: +0.7% YTD
- Dow J -0.7% YTD
- Russell 2000: -0.2% YTD
HeffX-LTN’s Market Indexes Technical Analysis (week ending 2 March)
Have a terrific weekend.