WizzWatch Market Newsletter

As this week in the markets came to a close the all three major indices as well as commodities reversed course and ended the week on the upside. The Dow Jones Industrial Average, the Nasdaq Composite Index as well as the Standard and Poors 500 advanced after 2 weeks of huge declines. The price of oil, gold as well as silver also advanced after moving lower for the past few weeks.

After a huge pullback in the Dow Jones Industrial Average for the past 2 trading weeks there was a huge turn around as all 30 stocks in the index ended the week on the upside. Last week looked like the end to the markets advancement but we saw a complete about face.  As for now the index is -0.75% from its all time monthly closing price high of 28,538.44. The Dow ended the week trading at 28,323.40 up 1,821.80 points or +6.87% on slightly lower than average weekly volume of 1.91 billion. The average weekly trading volume for the index is 1.93 billion.

At the Nasdaq there was a complete turn around as well, as the index ended the week trading higher. After 2 consecutive weeks of price declines the Nasdaq was able to wipe out all the loses. As of the close of trading on Friday the index is currently 1.01% above its previous all time monthly closing high at 11,775.46. The Nasdaq ended the week trading at 11,895.23 up 983.64 points or 9.01% on heavier than average trading volume of 18 billion. The average weekly trading volume for the index is 17.1 billion.

As for the Standard and Poors 500 there was a similar situation as the index roared past its previous monthly closing high at 3,500.31 to end the week trading on the upside. The index began the week trading at 3,296.20 and moved to a price low at 3,279.74 before ending the week trading much higher.

The top advancers in the S&P 500 were (BIIB) – Biogen +30.48%, (ANET) Arista Networks +25.90%, (IT) Gartner Group +23.21%, (ZBRA) Zebra Technologies Corp. +22.14% and (CI) Cigna Corp. +20.66%. The S&P 500 ended the week trading at 3,509.14 +293.48 points or 7.32% on lighter than average weekly trading volume of 12.4 billion. The average weekly trading volume for the index is 12.44 billion.  

As for the price of gold the index ended the week trading higher after moving lower for 7 of the past 14 weeks. The index is now trading at a 5 week price high after coming from a price low of 1,821.00 six weeks ago. As of the close of trading on Friday the index ended the week trading at $1951.20 up $71.80 or 3.82%.

Silver also moved higher ending the week trading at $25.06 per ounce up $2.02 or 8.53% on heavier than average trading volume of 45.4 million. The average trading volume for silver is 44.5 million.

As for the oil index although it ended the week trading higher, there is no confirmation that the index maybe turning around. Oil has been on a decline for the past 2 months after retreating from its August price high of $43.78 per barrel. There have been many factors due to the decline for the past few months from the Corona Virus Pandemic to hurricanes in the Gulf of Mexico. The only thing that can determine the true direction of oil prices as for now is time. 

The oil index ended the week trading at $37.14 up $1.35 or 3.77% on lighter than average trading volume of 200.6 million. The average weekly trading volume for the index is 237.9 million

 

By Marlin Rolle

Please have a look at the general market charts below