Opening Bell: Oil Struggles, Bitcoin Tumbles; Global Stocks Soar

 | Jan 08, 2018 06:57AM ET

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The first trading week of the new year, once widely viewed as the finish line for 2017's robust equity growth, ushered in four days of exceptional gains. All four major US indices—including the Dow, S&P 500 and NASDAQ—broke records; with the exception of the Russell 2000, all did so with rising gaps, signaling strong investor avidity.

The S&P 500 jumped 2.6 percent last week. That bested its full-year 2017 performance for the same metric. Out of 4 trading days, the benchmark index posted four records, each with a rising gap, indicating there were no sellers, only buyers. As well, the weekly close was at its highest point for the week. Even after the records and the gaps, bulls dominated the supply-demand balance.