WizzWatch Market Newslette

In the week that was in the stock market all three major market indices ended the week trading slightly higher as jobless claims rose to 898,000. The rise in claims was the largest level since late August, with new layoffs adding to continued worries that economic recovery may be diverted. 

With spike in coronavirus cases ongoing no one really knows which direction we may be headed in after several months of new rules and regulations.  In May and June there were about 7.5 million jobs added to the economy but that does not take away the fact the we are still at the highest unemployment rates since the 1930’s. As of right now no one knows how long it will take for economic conditions to get better as the coronavirus continues to reak havoc on our daily lives. 

Since the March fall of the general market indices, the Down Jones Industrial Average has recovered 57.06%., the Nasdaq 76.1% and the S&P 500 about 58.94%. As for now all three indices are all close to breaking above all time price highs but only time will be able to tell the story going forward. 

As the market came to a close in trading on Friday the Dow Jones Industrial Average ended the week trading at 28,606.31 up 19.41 point or +0.07% on heavier than average upside trading volume of 2.03 billion. The increase in volume represents one of the highest weekly volume increases in 17 weeks. The average trading volume for the index is 1.92 billion as it began the week trading at 28,671.12. The top percentage gainers in the Dow 30 for the week were (CAT) Caterpillar +6.17%, (WAB) Walgreens +2.94%, (INTC) Intel +2.56%, (MCD) McDonalds +2.02% and (MSFT) Microsoft +1.78%.

At the Nasdaq the index closed to end the week trading at 11,671.56 +91.61 or +0.79% on slightly higher than average trading volume of 17.2 billion. The average weekly trading volume for the index is 17.1 billion. The index is currently -0.88 percent away from an all time monthly closing high in price. The top percentage gainers in the Nasdaq 100 for the week were (ADSK) Autodesk +9.46%, (EXC) Exelon Corp. +7.37%, (MELI) Mercardo Libre +5.96%, (IDXX) IDEXX Labs +5.77%, and (TTWO) Take Two Interactive +4.07%.

Over at the Standard and Poors 500 there was also a slight increase to the upside as the market continued to advance. The index rose above it’s August all time closing price high but stalled as it ended the week trading slightly lower. The S&P closed to end the week trading at 3,483.81 +6.67 or +0.19% on lighter than upside trading volume of 10.9 billion. The index has been closing with below average trading volume for the past 18 weeks. As for commodities the price of silver as well as gold declined as the price of oil advanced to end the week trading at $41.12 per barrel.   

 By Marlin Rolle