Craig Johnson’s

Stock Market Summary

Monday, July 17, 2017

  • The major market indices showed strong moves last week with gains exceeding 1%. The Russell 2000 gained just under 1%. The Nasdaq Composite was the standout with a gain of over 2.5% for the week.
  • The S&P 500 and the Dow Jones Industrial Average recorded all-time highs last week, while the Nasdaq Composite and the Russell 2000 are very near all-time highs.
  • Federal Reserve Chair Janet Yellen in her two day testimony in front of Congress indicated any potential increases in interest rates would come gradually, as would any unwinding of their balance sheet. The statements were greeted well by the market as a more dovish tone was noted. That dovish tone pressured financial stocks,  which were the weakest sector last week. Financial stocks saw further weakness on Friday with the release of many of the money center banks’ earnings reports.
  • Technology was the strongest sector last week gaining over 3%. This is a great recovery after four weeks of consolidation.
  • The stock market’s short, intermediate and long term trends are higher.
  • Oil prices gained each of the five days last week moving it back to levels it had been at the previous week. The mini rally lifted the energy sector to a gain of over 2% last week.
  • After reaching a recent new low on Monday  gold recovered during the rest of the week gaining more than 1% for the week.
  • The U.S. dollar has gained during the last two weeks, but remains in the middle of the multi-year trading band dating back to the first quarter of 2015. 

 


Sources: bankrate.com, bloomberg.com, briefing.com, Dow Jones News, Financial Times, finviz.com, Investor's Business Daily, marketwatch.com, seekingalpha.com, Thomson Reuters/First Call, U.S. Dept of Treasury, yahoo.com and individual company web sites and press releases.

Leonetti & Associates, LLC views or opinions are as of a certain date and subject to change without notice.  The material contained herein is for informational purposes only and obtained from sources we consider reliable. We make no guarantee as to its accuracy or completeness.  References to specific securities and industries/sectors should not be considered recommendations to buy or sell any security or advisory service.  Past performance is not a guarantee of future results.

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