Stock Market Summary
Monday, February 13, 2017
- The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite recorded all-time highs last week as the stock market launched a new wave higher.
- The Russell 2000, which is representative of the smaller market capitalization universe, struggled the first three days of the week, but moved sharply higher on Thursday and Friday. The index closed at an all-time closing high, but came up just shy of an all-time intraday high.
- Industrials, consumer discretionary and technology were the leading sectors for the week. The technology sector has been the most impressive so far in 2017 being the leader of all the sectors.
- Energy and basic materials were last week’s underperformers. Energy has been the worst performing sector this year. Last year it was the best performing sector.
- Earnings reports remained the focus last week. The impact on the market will be more subdued this week and the next couple of weeks as the number of reports dwindle quite dramatically.
- The stock market strength appears to have further to go which will keep a positive bias towards the stock market. Group rotation will likely continue keeping the market from getting too extended. The recent strength in technology and the smaller capitalization stocks can provide a lot of firepower for the market to climb higher.
- The short, intermediate and long term trends are higher.
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.