I got a great time-saving idea late last week from an article by Jason Gay, a Wall Street Journal columnist. I simply need to create a smart key on my computer that, with one key stroke, instantly types out, “The major averages all hit new highs again last week.” I hit one key instead of about fifty! My typing proficiency is demonstrably substandard;
All of Wall Street enjoyed watching as the stock market marched steadily higher through the fourth quarter of 2019. Then, last Thursday’s big gain on the first trading day of 2020 promised that the procession would continue. The high-stepping Technology sector was the drum major that lead the parade northward with most other equity sectors in lock-step, trailing behind. Stocks were responding to the drumbeats of Fed liquidity injections and signs of progress in trade talks with China.
The stock market has enjoyed an incredible rally in the final months of 2019. It was pretty much the exact opposite of the way stocks performed in late-2018. A year ago, stocks were finishing a rough December, and that came after a not-so-good October and November. Stocks had fallen steeply with the worst negative momentum in years. A year ago, in late-December,
Through the first three sessions of the week, the market was in a no-go mentality. A promising presidential trade-talk tweet was all it took to propel the major averages to moon-shot opening gains on Thursday morning. That go-go reaction lasted about 45 minutes and lifted both the S&P 500 Index (SPX) and the NASDAQ Composite Index (COMP) to new highs. The balance of the week again saw a no-go market as the averages traded sideways,
The stock market’s month of December has begun in a manner very similar to the early days of October. The first couple days two months ago saw steep losses that pushed the averages to their lowest levels in a month or more. That quick decline was immediately followed by several days of strength that recovered nearly all the brief pullback. For the rest of October and for most of November the averages continued higher,
It was another week in which the market was primarily influenced by the trade talks. The mix of headlines and rumors and tweets seemed to be the only potion that was able to cast any spell on the markets. Wall Street continues to ignore the drama of the impeachment hearings, preferring, at least for the time being, to treat the unfolding spectacle as make believe.
Coming down the home stretch of 2019, the market averages continue to gallop ahead. The Dow Jones Industrial Average (DJIA) gained a little over1% for the week, lifting its year-to-date gain to a little over 20%. The S&P 500 Index (SPX) added 0.89% last week to nose-out DJIA with more than a 24% YTD gain. The NASDAQ Composite Index (COMP) advanced just 0.77% for the week,
That may be my goofiest title ever. Actually, it’s an anagram of “anagram fun,” which is the theme of this week’s article. Take, for example: “A Ms. Prim Financed a Theft.” That’s an anagram of “Tariffs and Impeachment,” the two topics that have been the top items in the news lately. So far, the market hasn’t seemed too concerned about the impeachment circus,
I welcome the month of November with open arms. Sure, the days are going to continue to get shorter and the temps are going to continue to get colder, but at least we won’t have to hear any more Octoberfest-based ad schemes. All last month, car dealers had Octoberfest sales; radio stations had Rock-toberfests; Japanese restaurants had Wok-toberfests. One craft brewer had a Bock-toberfest.
Both the S&P 500 Index (SPX) and the NASDAQ Composite Index (COMP) came through the week with small net gains despite a lengthening list of bad news headlines from around the world. In addition to growing geopolitical tensions, those headlines have recently included more signs of slowing worldwide economic growth. Data out last week showed that economic growth in China slowed to its lowest rate in nearly thirty years.