Wall Street, the Week in Review
$DIA, $SPY, $QQQ, $VXX
Wall Street had a good week in terms of gainerss, but volume was light, pointing to a lack of conviction among investors who spent the week digesting MSM’s headlines.
The tech-heavy NAS Comp led the major indices higher, adding 2.8%, while the S&P 500 and the DJIA advanced 2.0% and 1.8%, respectively.
Friday, 3 of America’s biggest banks reported higher profits, with assistance from President Trup’s tax reform passed late last year.
JPMorgan (NYSE:JPM) reported a record Quarterly profit, while Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) topped all Street analyst expectations.
Banks are expected to be major beneficiaries of the tax reform, which sharply lowered corporate tax rates.
Comparing each of the effective tax rates from last year to this year, the 3 big Wall Street banks that reported earnings Friday appeared to have saved roughly $1.6-B altogether.
Q-1 Y 2018 earnings season will give investors and their 1st good look into how President Trump’s tax law is impacting Corporate America. Publicly traded banks are the 1st major industry to report their results each Quarter.
Friday, the major US stock market indexes finished at: DJIA -122.91 at 24360.14, NAS Comp -33.60 at 7106.65, S&P 500 -7.69 at 2656.30
Volume: Trade on the NYSE came in at 718-M/shares exchanged
- NAS Comp +2.9% YTD
- Russell 2000 +0.9% YTD
- S&P 500 -0.7% YTD
- DJIA -1.5% YTD
HeffX-LTN’s Market Indexes Technical Analysis
Have a terrific weekend