The S&P 500 Closed Above 2900 Friday

The S&P 500 Closed Above 2900 Friday

$DIA, $SPY, $QQQ, $RUTX, $JPM, $DIS

FLASH: Friday’s advance drove the benchmark index close above the 2900 mark for the 1st time since early October.

The S&P 500 gained 0.7% Friday, as a strong earnings report from JPMorgan Chase (JPM) and a buoyant response to Walt Disney’s (DIS) upcoming streaming service helped offset losses from the healthcare stocks.

Friday’s advance also helped the benchmark index close above the 2900 level for the 1st time since early October.

INDUSTRY WATCH

Strong: Financials, Industrials, Communication Services, Industrials
Weak: Healthcare, Energy, Consumer Staples

JP Morgan Chase CEO Jamie Dimon predicts that the economic expansion that began after the Y 2008 financial crisis could possibly endure for as long as the eye can see.

“There may be a confluence of events that somehow causes a recession, but it may not be in 2019, 2020, 2021,” Mr. Dimon told analysts during a conference call Friday.

“If you look at the American economy, the consumer is in good shape, balance sheets are in good shape, people are going back to the workforce, companies have plenty of capital,” Mr. Dimon said.

“Some confluence of events at some point in the future will cause a recession,” Mr. Dimon told reporters during a separate media call. “I do not know what those are, nobody knows what those are, and nobody will ever know what they are. If you knew what they were, you would be unbelievably rich.”

Mr. Dimon spoke after the bank’s better-than-expected Q-1 earnings raised expectations that rival Wall Street lenders would follow suit when they report next week, pushing most bank stocks higher Friday.

Friday, the major US stock market indexes finished at: DJIA+269.25 at 26412.30, NAS Comp +36.80 at 7984.16, S&P 500 +19.09 at 2907.41

Volume: Trade on the NYSE came in at 807-M/shares exchanged

  • NAS Comp +20.3% YTD
  • Russell 2000 +17.5% YTD
  • S&P 500 +16.0% YTD
  • DJIA+13.2% YTD

HeffX-LTN’s overall technical outlook for the major stock market indexes is Bullish to Very Bullish at the week ending 12 April 2018.

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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