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Bob Carey
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  US Stock Markets Ended April 26, 2019
Posted Under: Weekly Market Commentary

 
Several key U.S. equity indices closed with all-time highs last week as corporate earnings and economic announcements were strong. The S&P 500 Index closed at an all-time high Friday eclipsing the previous all-time high set on 9/20/2018. The NASDAQ Composite Index also closed at an all-time high passing its previous high set on 8/29/2018. Pegging-out the highlights of last week's rally starts with stronger than expected 1Q GDP of 3.2% compared to expectations of 2.3%. The strength in GDP helped to fuel the U.S. Dollar, as the greenback reached its highest levels since May 2017. Further, earnings season was off to a very good start after, according to Bloomberg, 80% of the 210 names in the S&P 500 that have announced quarterly results have topped estimates. Facebook Inc. beat earnings estimates by nearly 17%, after announcing ad revenue growth of 31%, amid 32% impression growth, which fueled the stock to a 7% gain last week. Microsoft Corp. briefly saw its market cap hit $1t during intraday trading on Thursday after reporting cloud revenue was up 22% year-over-year, the software giant returned over 5% last week. Twitter Inc. shares soared nearly 16% after announcing record earnings fueled by revenue growth of 20% and average daily users of 134m or 11% year-over year growth. Not every stock had positive results. 3m Co. sunk over 13%, the worst daily return in 32 years, after management revealed slowing conditions in key end markets, which is fueling a restructuring effort to drive productivity and reduce costs. Looking ahead to next week, earnings season continues as over 160 companies in the S&P 500 are expected to report quarterly results, including mega-cap technology names Apple Inc., Google Inc., Mastercard Inc. and Qualcomm Inc., along with mega-cap health care names Pfizer Inc., Merck & Co Inc., Eli Lilly & Co and Amgen Inc.
Posted on Monday, April 29, 2019 @ 8:05 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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