WizzWatch

As the last week of trading for the month of January came to a close, all three major indices as well as the price of gold and crude oil ended the week trading on the downside, as the price silver edged the week trading higher. 

This week was a very wild week as the market sold off and many of the market leaders ended the week trading lower with heavy losses across the board. 

The Dow Jones Industrial Average began the week trading at 30,989.85 and moved to a price low at 29,856.30 before ending the week slightly higher. Out of all 30 stocks in the Dow, 4 advanced as 26 declined to end the week trading on the downside. 

The top price advancers in the index to end the week on the upside were (WBA) Walgreens Boots Alliance +5.90%, (MMM) 3M Co. +3.92%,  (MSFT) Microsoft +2.66% and (IBM) International Business Machines +0.42%. The major decliners in the index were (BA) Boeing Co. -5.66% followed by (GS) Goldman Sachs Group -6.30%, (TRV) The Travelers -6.54%, (CVX) Chevron Corp -7.12%, and (AXP) American Express Co. -7.83%. 

As the bell rang to end the week and the market came to a close, the Dow Jones Industrial Average closed to end the week trading at 29,982.62 down -1,014.36 points or -3.27% on heavier than average downside trading volume of 2.45 billion. The average weekly trading volume for the index is 1.91 billion. As for now downside support is at 28,466.99, the index is down +2.04% for the month of January.

At the tech weighed Nasdaq Composite there was also a decline in the index, as it also declined to end the week trading lower but ended higher to end the month. The index began the week trading at 13,681.21 but declined to a price low before turning around and ending the week trading higher on the upside. As for now downside support for the index is at 10,095.92.

There were 82 stocks that declined in the Nasdaq 100 to end the week as 18 advanced. The top price advancers in the Nasdaq 100 for the week were (WDC) Western Digital +11.82%, (AAL) American Airlines +8.53%, (WBA) Walgreens Boots Alliance +5.90%, (CTXS) Citrix Systems +5.18%, and (ILMN) Illumina, Inc. +4.97%.  

The index closed to end the week trading at 13,070.69 down -472.37 or -3.49% on heavier than average downside trading volume of 42.18 billion. The average weekly trading volume for the index is 20.76 billion. 

As for the Standard and Poors 500, there was nowhere to hide, as it also felt the pain as the market tumbled lower. The S&P has been moving higher to the upside for 9 of the past 13 trading weeks as it began the week trading at 3,851.68. As the week continued the index declined to a price low at 3,694.12 before ending the week trading higher on the upside. 

The biggest price advancers in the S&P 500 as the market continued to tumble were (IRM) Iron Mountain +11.67%, (WDC) Western Digital +11.28%, (LUMN) Century Link, Inc. +10.83%, (DISCA) Discovery, Inc., +10.48%, and (STX) Seagate Technology Holdings +10.20%.

As the trading session came to an end on Friday, the S&P 500 closed to end the week trading at 3,714.24 -127.23 or -3.31% on heavier than average downside trading volume of 15.61 billion. The average weekly trading volume for the index is 12.22 billion.

As for commodities, the price of gold closed to end the week trading at $1,850.30 per ounce down $5.90 or -0.32%. The price of oil also ended the week trading lower to end the week at $52.20 per barrel -0.07 or 0.13% as the only bright spot, silver closed to end the week trading at $26.91 up $1.36 or +5.31%.

 

By Marlin Rolle