- US stocks clinch strong levels on corporate earnings ahead of a busy week ahead.
- DJIA managed to clear prior highs on Friday, adding 152.53 points.
US stocks were ending the week on a positive note ahead of what is going to be a jam-packed month-end next week with a number of key risk events taking place from around the world. On Friday, the S&P 500 scored its second-highest close in history and the Dow Jones Industrial Average too ended on the front foot, not a million miles away from its own record close.
Its been the businesst time of the quarter for earnings and the benchmarks were supported on yet further encouraging results. Indeed the hopes of a trade deal between the US and China continued to underpin a bullish tone on Wall Street. Subsequently, the S&P 500 index put on 12.26 points, or 0.4% to end at 3,022.55 while the Dow Jones Industrial Average, DJIA, added 152.53 points at 26,958.06, a gain of 0.6%. The Nasdaq Composite Index finished 57.32 points higher or 0.7% at 8,243.12.
Looking ahead
Looking ahead next week, we have a series of events, and not least the Federal Open Market Committee as well as the Chinese Manufacturing PMIs. However, Brexit is also in the mix, so global equity markets are sure to be on standby and it would not be surprising to see some profit-taking into these events as investors seek out safe havens such as Gold.
DJIA levels
Following several consecutive bearish closes, the DJIA managed to clear prior highs on Friday, supported all the while by the 21-day moving average. A break back into the 27000s is required to stave off the risk of downside extension. A break below the 50-DMA opens risk to the 26200s and the 200-DMA in the same vicinity.
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