Stocks Lock Up Weekly Wins; Dow, S&P Snap Quarterly Win Streaks

All three major benchmarks logged monthly losses

by Patrick Martin

Published on Mar 29, 2018 at 4:31 PM

The Dow closed out a volatile week with a bang, finishing over 250 points higher thanks to upbeat economic data and a strong rally from Apple (AAPL) and the broader tech sector. Even fellow FAANG stock Amazon (AMZN) crept higher in the final hour of trading, despite President Trump's Twitter tirade. Both the S&P 500 and Nasdaq finished higher today as well, closing the holiday-shortened week in the black. It was not enough, however, for all three benchmarks to end the month higher, with the Nasdaq suffering its worst monthly loss since January 2016. In addition, both the SPX and Dow racked up their first quarterly losses since September 2015.

Continue reading for more on today's market, including:

  • A stock signal flashing for the first time in 17 years.
  • The Facebook partner that took it on the chin today.
  • Beware these 2 energy stocks next quarter.
  • Plus, a potential silver roadblock ahead; a blue chip that could bounce; and the time to buy Twitter stock.

The Dow Jones Industrial Average (DJI - 24,103.11) finished 254.7 points higher, or 1.1%. For the week, the Dow gained 2.4%. Intel (INTC) was the biggest gainer of the 25 Dow stocks finishing in positive territory, adding 5%. UnitedHealth (UNH) was the worst of the five decliners, shedding 2.1%. For the month, the Dow gave back 3.7%. For the quarter, it lost 2.5%.

The S&P 500 Index (SPX - 2,640.87) gained 35.9 points, or 1.4%. It gained 2% for the week, but gave back 2.7% for the month and 1.2% for the quarter. The Nasdaq Composite (IXIC - 7,063.45) tacked on 114.2 points, or 1.6%. It gained 1% for the week, while shedding 2.9% for the month. It added 2.3% for the quarter -- its seventh straight quarterly gain.

The Cboe Volatility Index (VIX - 19.97) finished 2.9 points, or 12.7%, lower. It shed 19.7% this week, but posted a monthly gain of 0.6%. For the quarter, it added 80.9% -- the biggest since September 2011.

closing index summary march 29

nyse and nasdaq stats march 29

5 Items on Our Radar Today

  1. Microsoft (MSFT) announced a corporate reshuffling today, as Terry Myerson, executive VP of the Windows group, will be leaving the company after 21 years. In addition, engineering will be reorganized into two teams; one working on experiences and devices, and the other centered on cloud and AI platforms. (CNBC)
  2. CME Group (CME) agreed to purchase London-based trading firm NEX Group for $5.49 billion. Pending approval, the deal will be executed in the latter half of the year. (Reuters)
  3. This silver ETF has a historically tough month ahead.  
  4. Home Depot stock could bounce back in April.
  5. Buy the dip on Twitter stock

 

corporate earnings march 29

unusual options volume march 29

Data courtesy of Trade-Alert

Oil and Gold Give Back the Week, Gain For the Quarter

May-dated crude futures gained 56 cents, or 1.3%, to end at $64.94 per barrel. Baker Hughes said the number of active U.S. oil rigs fell for the first week in three. Black gold gave back 1.4% for the week. However, it gained 5.6% for the month, and 7.5% for the quarter.

Gold futures for June delivery fell $2.70, or 0.2%, to close at $1,327.30 an ounce, as the dollar continued to steady amid cooling trade-war tensions. The safe-haven asset slid by 2.1% for the week, comparing most-active contracts. For the month and quarter, it lost 0.3% and gained 0.7%, respectively.


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