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Bob Carey
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  US Stock Markets Ended Oct. 11, 2019
Posted Under: Weekly Market Commentary

 
After three weeks of declines beginning in mid-September, the S&P 500 Index gained 66 basis points last week. Concerns over the United States and China trade talks moved equities lower early in the week as the index declined almost 2.00% through Tuesday. However, equities began to trend up by Wednesday as optimism set in after reports that China would consider a limited trade deal if no additional tariffs were inflicted by the United States. The index climbed 2.71% the last three days of the week on continued positive news and reports that a partial agreement had been reached on Friday. Crude oil jumped this week after a missile attack on an Iranian oil tanker which raised concerns that tension in the Middle East could cause disruption in global supply. Crude oil showed a 3.58% increase and closed at $54.70 per barrel. University of Michigan Consumer Sentiment Index came in higher than expected on Friday, reporting a three-month high. U.S. initial jobless claims of 210K were lower than the consensus estimate of 220K and the previous week's claims of 219K. Fastenal Company, a retailer and wholesaler of industrial and construction supplies, was the best performing stock in the S&P 500 Index last week returning 14.35%. The stock jumped 17.15% on Friday after releasing positive third quarter earnings results. Apple Inc. returned 4.05% last week, hitting an all-time closing high of $236.21 and becoming the most valuable U.S. company over Microsoft. The stock has outperformed in 2019 with a 51.55% year-to-date return and has produced a 20-year average annual return of over 26% through last Friday. Devon Energy Corp, an independent oil and gas exploration and production company, was the worst performing stock in the S&P 500 Index last week declining 5.93%. In the last week the stock has seen its price target lowered by several analysts. The stock has declined 39.10% from its 2019 high on April 22. Earnings announcements expected this week include JP Morgan Chase & Company, Johnson & Johnson, Bank of America Corp, The Coca-Cola Company, Wells Fargo & Company, UnitedHealth Group Inc., Citigroup Inc., Morgan Stanley, Abbott Laboratories, Netflix Inc. and many others.
Posted on Monday, October 14, 2019 @ 8:04 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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