Stocks continued their rally on Friday morning, a day after the Federal Reserve announced a new strategy that will keep interest rates low for an extended period. Investors also weighed new consumer spending data. The Commerce Department said that consumer spending rose 1.9% in July, above the Reuters consensus forecast of 1.5% growth but down from a 6.2% increase in June. However, spending could decline in the coming months in the absence of new fiscal stimulus, including enhanced unemployment benefits. The Dow rose 0.2%, the S&P 0.3%, and the Nasdaq 0.5%. Crude oil fell to $43 per barrel, while gold rose $35 to $1967 per ounce.

President Trump is preparing to announce new federal guidelines for reopening the pandemic-battered economy. Meanwhile, an additional 5.2 million people filed for unemployment benefits last week, bringing the total number to 22 million over just the past four weeks. Industries trading higher today include Multiline Retail, Biotechnology, and Internet & Direct Marketing Retail. Industries trading lower include Airlines, Energy Equipment & Services, and Consumer Finance. The VIX is up 0.38 at 41.20. The Dow fell 0.4%, the S&P rose 0.3%, and the Nasdaq rose 1.5%. Crude oil traded near $20 per barrel, while gold rose $11 to $1751 per ounce.

Stocks continued their rally on Friday morning, a day after the Federal Reserve announced a new strategy that will keep interest rates low for an extended period. Investors also weighed new consumer spending data. The Commerce Department said that consumer spending rose 1.9% in July, above the Reuters consensus forecast of 1.5% growth but down from a 6.2% increase in June. However, spending could decline in the coming months in the absence of new fiscal stimulus, including enhanced unemployment benefits. The Dow rose 0.2%, the S&P 0.3%, and the Nasdaq 0.5%. Crude oil fell to $43 per barrel, while gold rose $35 to $1967 per ounce.

President Trump is preparing to announce new federal guidelines for reopening the pandemic-battered economy. Meanwhile, an additional 5.2 million people filed for unemployment benefits last week, bringing the total number to 22 million over just the past four weeks. Industries trading higher today include Multiline Retail, Biotechnology, and Internet & Direct Marketing Retail. Industries trading lower include Airlines, Energy Equipment & Services, and Consumer Finance. The VIX is up 0.38 at 41.20. The Dow fell 0.4%, the S&P rose 0.3%, and the Nasdaq rose 1.5%. Crude oil traded near $20 per barrel, while gold rose $11 to $1751 per ounce.

Earnings Beats and Waning Recession Fears Propel Stocks

The S&P 500 ended the final full trading week of July at an all-time high, within a technically healthy and broadly advancing market. At a time when financial headlines are dominated by geopolitics, potential Fed actions, and other factors, the market's quiet driver remains earnings.

The S&P 500 heads into the final trading week of April in fine technical trim. All markets move in waves, with up session alternating with pullbacks. But for the year to date, gains have been steady while selling sessions have been moderate. Only twice, in early March and again in late March, has the selling been sufficiently vociferous to pull the index price under its 20-day simple moving average. Both times, the S&P 500 quickly moved back above its short-term trendline.

The weekly S&P 500 chart is messy, which could be a large consolidation or a very large top. Based on the very positive breadth and momentum signs since late December, we are forecasting a push to new highs. The bullish side to the action is that the lower low made in late 2018 was a false breakdown in price and in the ongoing bullish channel. There were a couple of other intermediate- to longer-term signals that switched from bullish to bearish and back to bullish during all this price volatility over the past year.

Stocks were mixed on Thursday morning as investors awaited further details about the progress of U.S.-China trade talks. Tesla shares fell more than 8% after the company reported a sharp drop in first-quarter vehicle deliveries. Beverage maker Constellation Brands rose more than 5% following better-than-expected fiscal 4Q revenue and earnings. The Dow rose 0.4%, the S&P fell 0.2%, and the Nasdaq fell 0.4%. Crude oil rose slightly to about $62.50 per barrel, while gold fell $3 to $1292 per ounce.

After setting or matching record recoveries from oversold lows in the 12/24 through 1/18 period, our market indicators paused last week. Our technical composite had a small slip but remains in positive territory. NYSE breadth was little changed, as net advances were flat and net up volume fell -- but there were gains in stocks above their 150-day moving average and in the bullish percentage. CBOE trading measures had a modest drop, with a reversal in put buying and lower volatility, but net down volumes hurt.

The S&P 500 ended the final full trading week of July at an all-time high, within a technically healthy and broadly advancing market. At a time when financial headlines are dominated by geopolitics, potential Fed actions, and other factors, the market's quiet driver remains earnings.

The S&P 500 heads into the final trading week of April in fine technical trim. All markets move in waves, with up session alternating with pullbacks. But for the year to date, gains have been steady while selling sessions have been moderate. Only twice, in early March and again in late March, has the selling been sufficiently vociferous to pull the index price under its 20-day simple moving average. Both times, the S&P 500 quickly moved back above its short-term trendline.

Stocks were mixed on Thursday morning as investors awaited further details about the progress of U.S.-China trade talks. Tesla shares fell more than 8% after the company reported a sharp drop in first-quarter vehicle deliveries. Beverage maker Constellation Brands rose more than 5% following better-than-expected fiscal 4Q revenue and earnings. The Dow rose 0.4%, the S&P fell 0.2%, and the Nasdaq fell 0.4%. Crude oil rose slightly to about $62.50 per barrel, while gold fell $3 to $1292 per ounce.

Earnings Beats and Waning Recession Fears Propel Stocks

Earnings Tasked with Solving the Market's Woes

Earnings Tasked with Solving the Market's Woes