|Day's Range||7,440.26 - 7,477.28|
|52 Week Range||6,190.17 - 8,133.30|
Jeffrey Gundlach warns that buyers of December's low will accelerate selling when that buy goes underwater.
MARKET EXTRA U.S. financial markets will pause Monday in observance of Presidents Day — which, technically, is not the name of the holiday. The New York Stock Exchange and Nasdaq will shutter on Feb.
Munger’s comments come after Amazon announced on Thursday that it was canceling plans to build its New York City headquarters in Long Island City, and wouldn’t be seeking a replacement venue.
The Nasdaq Composite, an index often employed as a proxy for the health of technology and internet-related stocks, was on the verge Wednesday of ending its longest bear market since 1991.
All three major stock indexes ended the day in the black, buoyed by hope that the U.S. and China are making progress in their trade talks. News that President Donald Trump declared a national emergency to get money for a border wall failed to derail the gains.
Stocks close higher Friday, with the Dow and the Nasdaq gaining for an eighth straight week, on news of continued progress in trade negotiations between the U.S. and China.
Progress in the U.S.-China trade talks helped send world stock markets broadly higher on Friday and pulled investors out of the safety of government bonds. The Dow Jones Industrial Average rose 443.86 points, or 1.74 percent, to 25,883.25, the S&P 500 gained 29.87 points, or 1.09 percent, to 2,775.6 and the Nasdaq Composite added 45.46 points, or 0.61 percent, to 7,472.41. China and the United States reached a consensus in principle on some key issues during the talks, China's state news agency Xinhua said on Friday.
Wall Street rallied on Friday, with the Dow and the Nasdaq posting their eighth consecutive weekly gains as investors grew hopeful that the United States and China would hammer out an agreement resolving their protracted trade war. All three major U.S. indexes ended the session higher, and for the fourth straight session, the S&P 500 held above its 200-day moving average, a key technical level. Talks between the United States and China will resume in Washington next week, with both sides saying progress has been made toward resolving the two countries' contentious trade dispute.
U.S. stock indexes surged higher on Friday, buoyed by growing optimism that the U.S. and China can strike a trade truce ahead of the March 1 deadline. The Dow Jones Industrial Average rose more than 400 points, closing up 1.7%, the S&P 500 rose 1.1%, while the Nasdaq Composite lagged, rising 0.6%. The Dow booked its eighth straight weekly gain, which would match the longest such streak for the period ended Nov. 3, 2017, according to FactSet data. In political news, tensions rose in Washington D.C. when President Donald Trump declared a national emergency citing a humanitarian crisis at the Southern Border. In economic news, the Empire State manufacturing index rose 4.9 points in February to 8.8 and industrial production fell 0.6% in January, the first decline in eight months.
Consider the average recommended equity exposure among the Nasdaq-oriented market timers I monitor (as measured by the Hulbert Nasdaq Newsletter Sentiment Index, or HNNSI). Today, in contrast, in the wake of a 17%-plus gain in the S&P 500 (SPX) and a 20%-plus rally in the Nasdaq (COMP) the HNNSI has risen to plus 73%. In other words, as you can see from the accompanying chart, in six weeks’ time this group of short-term stock-market timers has increased their average equity exposure by more than 140 percentage points: Away from being aggressively bearish (recommending that clients allocate three-fourths of their trading portfolios to short-selling) to being almost as aggressively bullish (now recommending that three-fourths of clients’ portfolios be long).
President Donald Trump has sent a letter to the House and Senate informing them that he has declared a national emergency. The declaration allows the secretary of defense to order units or reservists to active duty to support Department of Homeland Security activities at the southern border and to "engage in emergency construction as necessary to support the use of the Armed Forces and respond to the crisis at our southern border."
Stocks were higher as the Nasdaq today made another attempt to climb above a key price level, but leading stocks struggled to keep pace.