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Bob Carey
Chief Market Strategist
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  US Stocks Ended Jan. 27, 2017
Posted Under: Weekly Market Commentary

 
The Dow Jones Industrial Average closed above 20,000 for the first time on Wednesday, powered by an extraordinary rally that started in the depths of financial crisis. For the week, the market was propelled by strong earnings reports and investors' continued hope for pro-growth policies from the new administration. During his first week in office, President Trump focused on his infrastructure plan, voiced the need for reduced regulation, and pulled out of the Trans-Pacific Partnership. His protectionist policies were validated by slower-than-expected GDP growth of 1.9% in the 4th quarter due mainly to net exports, which subtracted 1.7% from GDP. Turing to earnings news, many technology bellwethers reported strong results from growth in the cloud. Microsoft Corp. topped expectations as Azure's revenue nearly doubled from the year-ago period and Intel Corp. beat top-line expectations on strong demand for processors that power data-center servers. Alphabet Inc. missed earnings on increased spending for their cloud based services in an effort to narrow the gap between them and Amazon.com. In other earnings news, Rockwell Automation beat estimates and raised guidance for the fiscal year as management sees an improving macro backdrop, especially in the transportation and consumer verticals. Royal Caribbean Cruises Ltd. gained after forecasting strong results for next quarter on higher bookings and lower costs. Earnings for the S&P 500 are expected to grow by 4.1% in the 4th quarter and 11.9% for 2017.  Despite an above-average multiple for the market, the S&P 500 could continue to see new highs if earnings estimates come true.
Posted on Monday, January 30, 2017 @ 8:18 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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