US Stock Markets Ended Jan. 17, 2020

 
Stocks closed out another week at all-time highs. Positive economic data from the U.S. and China coupled with easing trade tensions gave market participants a clearer outlook of 2020. With trade in the rear-view mirror, for now, investors are focused on corporate profits and management's outlook for the year. Outside of the U.S., emerging market stocks rallied for the seventh straight week of gains. On the back of the gains in emerging markets, Albermarle Corp returned over 12% last week after China signaled it would not cut subsidies for electric vehicles. The company's main line of business is the production of lithium, a key component in batteries used in electric vehicles. Back in the states, Morgan Stanley reported a better than expected quarter. The CEO, James Gorman, is keeping costs under control with a move to reduce the company's global workforce by 2% and suppressing accelerated promotions. Wells Fargo and The Bank of New York Mellon also reported last week. The two companies rounded out the bottom performing holdings in the S&P 500 after struggling to keep deposit costs down. From the sector perspective, both growth and defensive stocks sat at the top of the leader board. Utilities and Technology stocks were both up around 3% for the week as the S&P 500 index moved up 1.99%. The lone negative sector, at about -1%, was Energy after oil moved lower by about a half of a percent. Looking ahead to next week, 43 more earnings reports will be released by S&P 500 companies. On the economic calendar, home sales and jobs numbers will shape investors' views.
Posted on Tuesday, January 21, 2020 @ 7:57 AM

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.