S&P 500 price erased gains from earlier in the week to race higher and close the week in the green. On the other hand, the tech-heavy NASDAQ index closed the week over 0.5% in the red as the rotation from growth to cyclical stocks continues to take place.
Fundamental analysis: Benchmark indexes rack up points after a rally in U.S. stocks on Friday
US stocks moved up on Friday to end the week at a high point after receiving a boost from a successful economic reopening.
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The three major indexes hit their session highs near the close, with the Dow Jones index racking up over 150 points in the last 8 minutes. In the final few minutes, Apple’s shares recovered to end the session in the green, while bank, energy, and materials stocks were the top performers for the day.
U.S. President Joe Biden set a new goal to distribute 200 million coronavirus vaccination shots in the first 100 days since his inauguration.
The Federal Reserve said banks will be able to resume buyback programs and increase dividends at the end of June, sending financial stocks rising. The Fed also said it plans to remove the pandemic-related restrictions in the first quarter.
Next week, investors will continue to closely monitor developments in the bonds market as they are directly correlated with moves in the stock market.
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Technical analysis: Last leg up?
The Dow Jones Industrial Average (DJIA) advanced over 450 points higher, or 1.4%, to 33,072, after gaining only 65 points earlier in the day. On the other hand, the S&P 500 climbed 1.7% to 3,974, closing at a new high. The Nasdaq Composite closed the day up 1.2% at 13,138.
NASDAQ price closed the 5th week, out of the past 6 weeks, lower. The index is trading about 8% off the highds as sellers continue to aim for a pullback to 12,000. The intraweekly resistance is located above the 14,000 mark where the record highs are located.
S&P 500 price raced over 3% off the weekly lows to close 1.57% higher on the week. The bulls are now pushing for a fresh high above the 4,100 mark. Lower, the area below the 3700 handle hosts an important confluence of multiple support lines.
Top stock indexes Dow Jones, S&P 500, and the Nasdaq Composite moved up Friday after US stocks rallied in the final minutes of trading.