(As of 7:20 am PST)
Stocks
are in full rally mode Friday (at least for now) putting the Dow Jones
Industrial Average well on pace to post its fourth consecutive weekly advance.
Heading into Friday’s session, the Dow was down 0.1%, while the S&P500 and
Nasdaq were down 0.5% and 1.2% respectively. Rebounding oil prices are helping
to lift buyer sentiment early, with a barrel of crude trading up to nearly $39 after
the International Energy Agency remarked Friday that oil prices finally may
have bottomed out. Goldman Sachs analysts also made a statement Friday
regarding oil price lows being set. Energy stocks are leading the charge higher
today on the oil remarks. Markets are also moving up on a reassessment of
yesterday’s stimulus announcement from the European Central Bank. The dovish moves
from ECB President Mario Draghi were initially met with resistance yesterday,
but a reversal is taking place today with the market ripping higher on the
latest stimulus package. European stocks are soaring, with some country indexes
up over 3%. Asian markets also closed out the week on a positive note. There is
very little economic data to report today. An update to US trade data showed
import and export prices falling in February with lower energy prices blamed as
the culprit. After a fairly uneventful
week, Friday’s stimulus-induced rally is a welcomed change of pace. Let’s hope
the market can hold on to today’s gains and settle at a price reasonable for
investors to hold positions heading into earnings season which kicks off in
less than a month.
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