Dow Grabs 8th Straight Weekly Win on Trade-Deal Hopes

Oil prices also had a solid week

Josh Selway
Feb 15, 2019 at 4:33 PM
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The Dow rallied today for a huge win, thanks to hopes that U.S.-China trade talks are on the right course. Wall Street was undisturbed by President Donald Trump declaring a national emergency to gain funds for a border wall, as the Nasdaq and S&P 500 rose, as well. Bank stocks were some of the biggest advancers, helping guide the Dow and the Nasdaq to an eighth straight weekly win -- their longest win streaks since 2017 and 2016, respectively.

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

  • 3 of the worst Nasdaq stocks today.
  • How call traders are playing the Tandem Diabetes rally. 
  • Plus, healthcare stock flashes bear signal; why traders circled Suncor; and SAGE earnings draw speculative bets. 

The Dow Jones Industrial Average (DJI - 25,883.25) rallied into the close, finishing up 443.9 points, or 1.7%. Financial giants Goldman Sachs (GS) and JPMorgan Chase (JPM) led the way with gains of 3.1% and 3%, respectively. Only two of the Dow's 30 components, Apple (AAPL) and Coca-Cola (KO), ended lower, with the latter having the worse day, shedding 0.8%. The Dow's eighth consecutive weekly win yielded a 3.1% return.

The S&P 500 Index (SPX - 2,775.60) picked up 29.9 points, or 1.1%, and the Nasdaq Composite (IXIC - 7,472.41) closed with a 45.5-point, or 0.6%, advance. The SPX moved up 2.5% this week, and the Nasdaq gained 2.3%.

The Cboe Volatility Index (VIX - 14.91) dipped 1.3 point, or 8.1%. The VIX lost 5.2% this week.

Closing Indexes Feb 15

NYSE and Nasdaq Feb15

5 Items on our Radar Today

  1. The Philadelphia City Council just voted that businesses accept cash as payment. The bill will now be passed to Mayor Jim Kenney. A Gallop poll showed that 25% of Americans used cash for all or most retail purchases in 2016. (USA Today)
  2. Investors pored over new financial data from Uber today, as Wall Street prepares for the company's eventual public offering. The numbers showed a decline in revenue growth for the ride service specialist in 2018. (Reuters)
  3. A bear signal just flashed on this healthcare stock.
  4. Why Suncor Energy saw heavy options trading.
  5. Call traders have jumped on SAGE Therapeutics before earnings.
corporate earnings feb 15

unusual options volume feb 15

Data courtesy of Trade-Alert

Oil Ends Strong Week with Another Win

Oil prices ended their big week on a strong note, rising alongside equities. March-dated crude futures finished with a $1.18, or 2.2%, gain at $55.59 per barrel. Oil added 5.4% for the week.

Gold prices also rose today, despite strength in the dollar. Gold dated for April delivery was up $8.20, or 0.6%, by the close at $1,322.10 per ounce. The precious metal finished the week up 0.3%.


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