Mixed Week In The Stock Market
Double Dividend Stocks | Apr 24, 2016 04:55AM ET
Markets: It was a mixed week – not so good for Tech, or defensive sectors, such as Utilities and Consumer Staples. Meanwhile, investors plowed back into small caps, sending the Russell 2000 up 1.44% on the week. Tech giant Microsoft (NASDAQ:MSFT) fell nearly 7% for the week, punished for underwhelming results. Google (NASDAQ:GOOGL) was also down, over 5% this week. United Health, American Express (NYSE:AXP) and Disney (NYSE:DIS) were the 3 biggest gainers in the Dow, while 4 out of the top 10 gainers in the S&P 500 were independent oil and gas firms: Murphy Oil (NYSE:MUR), Southwest Energy (NYSE:SWN), Devon Energy (NYSE:DVN), and Noble Energy (NYSE:NBL).
Dividend Stocks Update: These high dividend stocks go ex-dividend this coming week: ING Groep NV (NYSE:ING), Prospect Capital Corporation (NASDAQ:PSEC), Stag Industrial Inc (NYSE:STAG), Student Transportation Inc. (NASDAQ:STB), Whitestone REIT (NYSE:WSR).
Volatility: The VIX 19% this week, finishing at $16.20.
Currency: The dollar had a strong week, rising vs. most major currencies, except the British pound and the Canadian loonie. Oddly, this didn’t seem to hold back Basic Materials, which rose 2.5% on the week.
Market Breadth: 15 of the DOW 30 stocks rose this week, vs. 24 last week. 58% of the S&P 500 rose this week, vs. 75% last week.
US Economic News: In another sign of a strengthening labor market. Initial Jobless Claims fell to their lowest there is a much larger working population today than in 1973. Continuing Claims hit their lowest since 2000. Housing Starts and Building Permits surprised to the downside, as the supply of homes continues be below normal long term 6-month averages. Continuing low rates are certainly helping buyers snap up homes – the avg. 30-year rate is back where it was 1 year ago, at 3.83%.
Get The News You Want
Week Ahead Highlights: The FED holds its rate meeting on Tues-Wed. Very few market watchers are predicting a rate hike. In fact, the Fed futures market is forecasting less than a 20% chance that the Fed will raise rates at its June meeting either. It’ll be a data-heavy week, with more Housing reports out, a Q1 GDP estimate, and Consumer Sentiment as well.
Sectors and Futures:
Surprisingly, Energy stocks led this week, ignoring the lack of an OPEC production freeze agreement at last Sunday’s meeting. Utilities trailed.
Natural Gas led this week, with OJ trailing:
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.