Stocks Gain Amid Flurry of Trade News; Dow Extends Historic Streak

Oil also ended a positive week with another win

Feb 22, 2019 at 4:30 PM
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The U.S. stock market enjoyed a positive session to help the major indexes cap off another weekly win. For most of the day buyers were in control thanks to upbeat trade buzz, with reports circulating about a potential March meeting between President Donald Trump and Chinese President Xi Jinping -- suggesting the March 1 tariff deadline could be extended. In addition, China has reportedly agreed to buy $1.2 trillion in U.S. goods. The Dow briefly pulled off its highs in afternoon trade, after the Trump administration noted there are important points that need ironed out before a trade deal can be signed, but rallied into the close. As such, the S&P 500 and Nasdaq both followed the Dow higher on the day and week, as the latter two indexes stretched their weekly win streaks to nine.

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

  • What the Dow win streak could mean for blue chips.
  • The shocker that sent one pharmacy stock to a record low.
  • Plus, puts popular on sinking; C-suite news lifts Zillow; and short interest rising on one restaurant stock before earnings.

The Dow Jones Industrial Average (DJI - 26,031.81) jumped 181.2 points, or 0.7%, to notch its first close above 26,000 since early November. Twenty-four of 30 Dow components closed in the black, led by Intel's (INTC) 2.1% gain. Coca-Cola (KO) brought up the rear with a 1.3% drop. The Dow finished the week up 0.6%, extending it's longest weekly win streak since 1995.

The S&P 500 Index (SPX - 2,792.67) rose 17.8 points, or 0.6%, and the Nasdaq Composite (IXIC - 7,527.55) added 67.8 points, or 0.9%. The SPX picked up 0.6% for the week, and the Nasdaq closed up 0.7%, bringing their own respective win streaks to four and nine.

The Cboe Volatility Index (VIX - 13.51) fell 1 point, or 6.6%, ending the week down 9.4%

Closing Indexes 2 Feb 22nd

NYSE 2 Feb 22

5 Items on our Radar Today

  1. Facebook reportedly received personal information about users through outside applications. For example, some apps sent sensitive health data and information about potential home purchases to the tech giant. (CNBC)
  2. U.S. Secretary of State Mike Pompeo had more harsh words for China's Huawei, saying it will be hard to work with any European country that adopts the company's technology. Mr. Pompeo again suggested the company's technology could be used by the government for spying purposes. (Fox Business)
  3. Put traders blasted the sell-off. 
  4. Executive news boosted Zillow shares.
  5. Short interest keeps rising ahead of Shake Shack earnings.

Corporate Earnings Chart Feb 22 2019

Unusual Options Activity Feb 22

Data courtesy of Trade-Alert

Oil Prices Rise on Trade-Deal Hopes

The most positive headlines around trade talks had oil prices higher today. April-dated crude futures rose 30 cents, or 0.5%, ending the day at $57.26 per barrel, putting the weekly gain at 3%.

Gold prices rose today as the dollar weakened. Gold set for April delivery finished up $5, or 0.4%, at $1,332.80 an ounce. The precious metal closed the week up 0.8%.


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