New record high close for the S&P index
<p>US stocks close sharply higher with the S&P index closing at a new record level and above the 4800 level. The NASDAQ index led the way. </p><p>For the week, the major indices all closed higher for the 2nd consecutive week after sharp declines in week 1 of the 2024 trading year.</p><p>The final numbers are showing:</p><ul><li>Dow Industrial Average rose 395.19 points or 1.05% at 37863.83</li><li>S&P index rose 58.87 points or 1.23% at 4839.82</li><li>NASDAQ index rose 255.31 points or 1.70% at 15316.96</li></ul><p>Small-cap Russell 2000 got involved as well with a 20.73 point rise or 1.08% at 1944.39.</p><p>For the trading week, the major indices all closed higher led by the NASDAQ points again:</p><ul><li>Dow Industrial Average +0.72%</li><li>S&P index rose 1.17%</li><li>NASDAQ index rose 2.26%</li></ul><p>For the first 3-weeks of the new trading year, all three major indices are now up on the year:</p><ul><li>Dow Industrial Average is up 0.46%</li><li>S&P index is up 1.47%</li><li>NASDAQ index is up 2.0%</li></ul><p>How are the Magnificent 7 doing in the first three weeks of the trading year?</p><ul><li>Nvidia up 20.15%</li><li>Meta-+8.33%</li><li>Apple -0.51%</li><li>Alphabet +4.79%</li><li>Microsoft +6.02%</li><li>Amazon +2.23%</li><li>Tesla -14.60%</li></ul><p>Next week, the earnings for the fourth quarter start to kicking with some large-cap movers. Below is a sampling of some of those earnings releases:</p><p>Monday, January 22</p><ul><li>United Airlines</li><li>Logitech</li></ul><p>Tuesday, January 23</p><ul><li>Verizon</li><li>3M</li><li>GE</li><li>Johnson & Johnson</li><li>Halliburton</li><li>Procter & Gamble</li><li>Netflix</li><li>Intuitive Surgical</li><li>Texas Instruments</li></ul><p>Wednesday, January 24</p><ul><li>AT&T</li><li>Tesla</li><li>IBM</li><li>servicenow</li><li>Lam Research</li></ul><p>Thursday, January 25</p><ul><li>American Airlines</li><li>Southwest Airlines </li><li>Dow</li><li>Intel</li><li>Visa</li><li>T-Mobile</li></ul><p>Friday, January 26</p><ul><li>American Express</li><li>Colgate-Palmolive</li></ul><p>Looking at next week's economic calendar, key events and releases include:</p><p>Tuesday:</p><ul><li>Bank of Japan interest-rate decision</li></ul><p>Wednesday:</p><ul><li>New Zealand CPI quarter on quarter 0.5% expected reaches 1.8% last quarter</li><li>Germany, France, UK flash manufacturing and services PMI data</li><li>Bank of Canada interest-rate decision. No change expected</li><li>US flash manufacturing and services PMI</li></ul><p>Thursday</p><ul><li>ECB rate decision. No change expected</li><li>US advanced GDP. 2.0 expected. Atlanta Fed GDPNow estimate 2.4%</li><li>US unemployment claims</li></ul><p>Friday</p><ul><li>US PCE data</li></ul>
This article was written by Greg Michalowski at www.forexlive.com.
Leave a Comment