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Bob Carey
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  US Stock Markets Ended Feb. 14, 2020
Posted Under: Weekly Market Commentary
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Viral volatility and economic acceleration were the two drivers of U.S. markets last week. The S&P 500 rose by 1.65% as a revised methodology to diagnose the Coronavirus sent the number of confirmed cases soaring. The full impact is yet to be felt domestically after retail rose for the fourth straight month signaling lower gas prices encouraged consumers to spend. A stagnation of growth that some market participants forecast looks less likely in the near future as fundamentals remain strong and the economy continues to expand. Oil prices rebounded last week after plummeting from a high of over $63 in early January to under $50 on Monday. Crude rallied during the week, closing higher each day to finish the week over $52 a barrel. Kraft Heinz Co. is the latest mega-merger to fail to put the pieces together to form a cohesive unit. Its debt was downgraded to junk by two credit rating agencies giving Warren Buffet a rare blemish to his long history of solid performance. The company is amid a turnaround plan which is yet to turn the corner. Chipmaker NVIDIA Corp reported fourth-quarter results on Friday that beat analyst expectations and sent the stock to an all-time high. Demand for chips used in datacenters drove the beat in an industry with favorable trends. The stock is up over 120% since last June's low. T-Mobile also rose last week after the service provider announced it was looking to renegotiate the takeover of Sprint as its share price has steadily dropped since the deal was announced in April 2018. Looking ahead to next week, housing numbers and FOMC meeting minutes are set to be released on Wednesday followed by jobs data on Thursday. Quarterly earnings season will wind down next week with 51 names in the S&P 500 expected to report. Some of the notable names include Walmart Inc., Medtronic PLC, The Southern Co., Ecolab Inc., and Deere & Co. 
Posted on Tuesday, February 18, 2020 @ 8:06 AM • Post Link Share: 
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