Wall Street braces for a storm of news next week
Next week, the US stock market is going to be bombarded with news, thus giving market participants plenty to trade on, because earning kick into high gear as well as more than a dozen major banks are expected to hold their monetary policy gatherings.
The S&P 500 index surged 9.86 points to a new record close of 2,175.03. Then, for the week, the large-cap index edged up 0.6%. The Dow Jones Industrial Average earned up to 53.62 points to conclude at 18,570.85, adding approximately 0.3% for the week. Additionally, the Nasdaq Composite Index rose 26.26 points, closing at 5,100.16, thus finishing the week 1.4% higher.
The S&P 500 closed higher 2,135, a value where there had been a lot of resistance before, suggesting that the market has the breadth to push to 2,400, as chief technical strategist of BTIG, Katie Stockton, states.
As for the market’s upside momentum, it has been partly driven by better-than-anticipated earnings.