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Bob Carey
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  US Stocks Ended March 3, 2017
Posted Under: Weekly Market Commentary

 
Equity markets extended their rally to a sixth straight positive week, as the S&P 500 Index had a 0.7% return for the week. The rally this week occurred after President Trump gave his first significant policy speech to a joint-session of Congress. In his speech, President Trump outlined his vision for America, including corporate and individual tax cuts, deregulation and improved trade deals. Equity markets responded on Wednesday as the S&P 500 Index rallied 1.4%. Leading the way was the financial sector as banks are expected to be one of the largest beneficiaries of lower corporate tax rates and deregulation. Positive equity returns were not only an American phenomenon as the Euro STOXX 600 Index rallied over 1.5% during the week. Leading the way was Italy's FTSE MIB Index up over 5.7%, Spain's IBEX 35 Index up over 3.6%, France's CAC 40 Index up over 3.0% and the German DAX 30 Index up 1.9%. In stock specific news General Motors was up over 3.6% for the week after news surfaced that French automaker Peugeot SA intends to announce a final deal Monday to buy Opel, GM's European unit, pending European regulators. Monster Beverage Corp rallied over 10% on the week after announcing positive earnings along with robust growth in their international sales. Target Corp. announced a strategic shift in their business model amid weakening revenue. They have decided to become low-cost competitive rather than defend their margins, the strategic shift was met with a -13.7% sell off in the stock. Frontier Communications Corp. sold off over -14.8% amid an announcement of weakening revenue and negative earnings, the name is now in the bottom 5 weights in the S&P 500. Looking ahead to next week, odds continue to climb for a Fed rate hike during their March 15th meeting as Bloomberg now predicts a 94% chance of a 25bps hike. Monthly employment numbers along with an updated unemployment rate should be news worthy items to equity markets.
Posted on Monday, March 6, 2017 @ 8:31 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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