Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

S&P 500 climbs to a record close and clinches its third-straight positive week

% of readers think this story is Fact. Add your two cents.


4:10pm: Meme stocks rebound after rough Thursday

The Dow recovered in the afternoon to finish up 13 points at 34,480. The Nasdaq added 49 points, 0.4%, to 14,069, and the S&P 500 improved 8 points, 0.2%, to 4,247, a record and the index’s third consecutive winning week.

AMC Entertainment Holdings Inc (NYSE:AMC) shares rebounded after taking a big hit on Thursday, gaining 15% to $49.30. Similarly, GameStop Corp (NYSE:GME) shares rose more than 5% to $233.04.

12:13pm: Profit-taking going on ahead of the weekend

In the US, the Dow gave up its early gains to drop 99 points, 0.3%, to 34,367 at midday. The Nasdaq was up 12 points to 14,032, and the S&P 500 shed 3 points to 4,236.

“US markets initially picked up where they left off yesterday with the S&P500 hitting yet another record high in the opening half hour, however the lack of momentum appears to hampering significant progress to the upside with some profit taking kicking in ahead of the weekend,” CMC Markets UK Chief Market Analyst Michael Hewson wrote.

GameStop Corp (NYSE:GME) was down again after its share price took a big hit on Thursday. Stock of the video game retailer and Reddit darling dipped more than 3% to $213.07.

9.43am: Proactive North America headlines:

Esports Entertainment Group Inc (NASDAQ:GMBL) (FRA:40Y1) executives testify before the Ohio State Senate advocating adding esports to a bill legalizing sports gambling

Naturally Splendid Enterprises Ltd (CVE:NSP) (OTCPINK:NSPDF) (FRA:50N) NATERA meat-alternative meals to be served up at select Denny’s locations in Canada

Predictmedix Inc (CSE:PMED) (OTCQB:PMEDF) strikes partnership to distribute its Safe Entry Stations

Gatling Exploration Inc (CVE:GTR) (OTCQB:GATGF) (FRA:G28A) secures private placement worth up to C$3M for Canadian exploration

Sassy Resources Corporation (CSE:SASY) (OTCQB:SSYRF) (FRA:4E7) welcomes geochronology study on its Foremore project, which underscores its discovery potential

GameSquare Esports Inc (CSE:GSQ) (FRA:29Q1)  subsidiary Code Red scores US Polo Assn contract

9.39am: Wall Street starts positively

Wall Street started Friday’s session on a positive note as traders in New York continued the upbeat mood across global markets.

Shortly after the opening bell, the Dow Jones Industrial Average was up 0.35% at 34,582 while the S&P 500 climbed 0.18% to 4,247 and the Nasdaq rose 0.1% to 14,034.

If the ascent continues, the S&P could be on track to notch another record close after Thursday’s performance, which saw it end the session at 2,439.

7:50am: Wall Street to head higher

The main indices on Wall Street are expected to rise at the opening bell on Friday following an upbeat mood across global markets.

Spread-betters expect the Dow Jones Industrial Average to open up 69 points while the S&P 500 is predicted to climb 6 points and the Nasdaq is forecast to rise 33 points.

This will be a case of “follow-through buying as the upbeat mood continues”, says market analyst Sophie Griffiths at Oanda.

“US consumer confidence is the highlight of the US economic calendar today and could boost sentiment further.”

She said the US dollar is seeing a tepid bounce after edging lower in the previous session.

“Investors felt confident that the rise in inflation was not sufficient to prompt an earlier move by the Fed. Price rises in airline tickets and used cars supported the Fed’s view that the spike in prices was transitory.”

With the euro extending mild losses after the ECB this week again indicated ultra-easy monetary policy is here to stay, Griffiths added: “What is clear from both the Fed and the ECB is that data is driving policy decisions, rather than forecasts.”

She noted that gold, as it is often considered a hedge against inflation, fell initially on surging US inflation, but has found support from falling US Treasury yields.

“Yields falling on rising inflation appears counter initiative, but as inflation is surging interest rate expectations are not, which is a sweet spot for Gold.

“What more could gold want? Rising inflation and a Federal Reserve willing to sit on its hands? Whilst Gold is edging lower on a stronger US Dollar, a move over $1900.00 an ounce is not out of the question. That opens the door for a move towards resistance at $1916.00. Failure to reclaim the $1900.00 level could see the price ease back towards the $1890.00 an ounce comfort zone.”

Four things to watch for on Friday:

  • Firms in the earnings diary today include fast food chain Nathan’s Famous Inc (NASDAQ:NATH) and furniture maker Virco Manufacturing Corp (NASDAQ:VIRC)
  • Investors may be keeping an eye on Chinese ride-hailing firm Didi after the company unveiled plans for a US IPO
  • Oil prices may also be in focus after the price of Brent Crude surpassed US$70 a barrel
  • On the macro front, there is little going on however US inflation expectation data may be interesting for some traders

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/952085/sp-500-climbs-to-a-record-close-and-clinches-its-third-straight-positive-week-952085.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.