The Dow rose above 34,000 for the first time
It’s only the second full week of April, but this has already proven to be a wild month. The week started on shaky ground. The major indices fell on Monday as investors waited for the first batch First quarter result Reports. In addition, Federal Reserve Chairman Jerome Powell announced a policy update, and President Joe Biden discussed the global chip shortage and infrastructure plan. Things started to pick up on Tuesday when the S&P 500 Index (SPX) hit a record high, although the blue-chip index fell again when Johnson & Johnson (JNJ) took its hiatus Vaccine distribution amid blood clotting concerns.
On Wednesday, the Dow Jones Industrial Average (DJI) was boosted by strong bank revenues, while the Nasdaq Composite (IXIC) and the S&P 500 fell Big tech took a breather. As of Thursday, the Dow and S&P 500 both closed at new highs, with the former breaking a key milestone by surpassing the value 34,000 levels for the first time. In addition, the Nasdaq posted triple-digit gains thanks to a decline in 10-year government bond yields. On Friday, the Dow was on its way to its third straight win, setting another intraday record, while the S&P 500 hit its own high. All three main indices were also on track weekly profits.
Analysts hand out a lot of notes
The analysts were far from shy this week and spent a lot of love to pair with a little skepticism. Regarding the latter, Blue chip component 3M (MMM) received a bear quote from Deutsche Bank, with the company calling the stock a “catalyst call” sale following its wildly outperformance prior to profit. Elsewhere that Restaurant inventory hit new highs on an “outperform” rating, with the analyst in question praising the company’s sales and expectations for the current quarter.
Meanwhile, Tinder parent The Match Group (MTCH) was upgraded when an analyst determined the future potential of the stock. CrowdStrike (CRWD) achieved a bull’s certificate in the form of a “buy” rating thanks to the increasing importance of cybersecurity. Finally, United Airlines (UAL) received praise during recovery Air traffic demandeven though dealers brushed off the upgrade.
Bank income flows in
Bank stocks were at the forefront of investor newsfeed this week as the sector’s gains helped major indices post weekly gains. Prelude, blue-chip component Goldman Sachs (GS) started the week with earnings and earnings that exceeded Wall Street estimates. The latter has more than doubled compared to the previous year. Bank of America (BAC) reported top and bottom line beats for the first quarter, fueled by profits in investment banking and trading. Wells Fargo (WFC) also posted a profit and revenue gain, and the bull blew equity as a result. The stock also retreated historically bullish trend linewhich could be a good sign for WFC in the coming weeks.
Packed Week of Earnings Ahead with Fed Updates
Investors have a busy week ahead of them. For one, a series of updates from the Federal Reserve, as well as consumer data, are pending for another round of the weekly jobless claims report. In addition, Winning season is around the corner, and big names like American Airlines (AAL), Coca-Cola (KO), Dow (DOW), IBM (IBM) and Southwest Airlines (LUV) will be reporting. In the meantime, traders can think about electricity bullish climate and the risks involved, or see the breakdown by Schaeffer’s Senior Quantitative Analyst Rocky White SPY’s buy-to-open Put / call volume ratio.