Stock Market Summary
Monday, July 13, 2015
- Even though it was a volatile week for U.S. stocks by Friday’s close the indices finished slightly mixed for the week.
- The stock market finished down on Monday and selling carried over into Tuesday which represented the week’s low for most indices. A reversal on Tuesday was followed by a massive sell-off on Wednesday. However, Wednesday’s selling did not drop the indices below Tuesday’s lows. Stocks registered gains on Thursday. Friday’s trading opened with sharply higher morning gains, which continued to strengthen throughout the day.
- The Nasdaq Composite has shown the best gain for the month with the Russell 2000 next in line. The S&P 500 and the Dow Jones Industrial Average have continued to lag.
- The second quarter earnings season is underway. In the next couple of weeks the volume of companies reporting will grow substantially.
- The S&P 500 has been trading in a tight trading range since early February. The range, which had narrowed recently to 2070 – 2130, is currently back to the longer term range of 2040 – 2130. The index closed just below 2077 on Friday.
- The resilience of the stock market has been impressive. The intermediate market bias remains positive for the stock market.
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.