WizzWatch Market Newsletter

As we closed the door on the week that passed in the equity markets all three general market indices finished the week advancing for the second consecutive week. The Nasdaq Composite Index lead the way followed by the Standard and Poors 500 and the Dow Jones Industrial Average.

The Nasdaq Composite Index began the week trading at 11,291.99 and is currently 1.689% from its all time monthly closing price high at 11,776.46. The index has been moving to the upside for the past three consecutive weeks after coming from a price low at 10,519.49 in the month of September. As for now the index is poised to move higher to the upside in the week ahead. The index closed to end the week trading at 11,497.94 up +504.93 points or +4.56% on heavier than average volume of 18.8 billion. 

As the market continued trending higher so did the Standard and Poors 500 as it also closed to end the week on the upside. The index is currently 23.17 points away from breaking above its all time monthly closing price high. The index ended the week trading at 3,477.14 up +128.72 points or +3.84% on lighter than average trading volume of 1.98 billion. The average weekly volume for the index is 12.5 billion.

Over at the Dow Jones Industrial Average the index closed to end the week trading higher for the second straight week in a row. The index started the week trading at 27,825.42 but dropped to a price low of 27,728.03 before advancing to end the week trading higher. The index closed to end the week trading at 28,586.90 +904.09 points or +3.27% on lighter than average trading volume of 1.74 billion.

In the commodities market the price of gold, silver as well as oil advanced to end the week in trading. The price of gold ended the week trading at $1,926.20 per troy ounce follow by the price of silver ending the week trading at $25.11 per ounce or +$1.08 or +4.49$ on lighter than average trading volume of 30.05 million.

Although the price of oil moved to the upside to end the week, the chances of a continuation of any continued moves to the upside in the coming week maybe slim. Oil markets have already been having a rough year due to many factors. The fact that airlines have been slashing jobs, changing or cutting routes all together as well as putting a hold on new purchases are just a few factors not helping the oil sector. Before the closing of the market on Friday the industry had to prepare once again for the threat of another major hurricane to shut down oil production in the Gulf of Mexico. 

First there was Cristobal, Sally then Laura now there is Hurricane Delta. Ninety percent of all production has been cut as companies prepare for the arrival of Delta. This is the second time that a huge percentage of production had to be cut in the past few weeks due to a major storm. With Hurricane Laura creating the largest loss to oil production since 2008 they only thing the industry can do at this point is hope that the situation is not as bad as before. At the close of the market on Friday the oil index close to end the week trading at $40.55 per barrel up $3.55 or 9.58% on heavier than average trading volume of 192.5 million. 

By Marlin Rolle