U.S. markets traded higher on Friday and ahead of the holiday weekend to set another round of record highs as 4Q earnings earnings season began.
The Dow rose 0.9% after testing an intraday high of 25,810 while gaining 2% over the week. The S&P 500 advanced 0.7% after closing a point off its late day run to 2,787 to book a 1.6% gain for the week.
It was the second-straight up week for both the Dow and the S&P 500, as well as their seventh positive week in the past eight.
The Nasdaq rose 0.7% after trading to an all-time peak of 7,265 and was up 1.7% over the past week, its second consecutive weekly advance. The Russell 2000 climbed 0.3% after coming within 2 points of clearing the 1,600 level. For the week, the small-caps rallied 2%, its biggest weekly advance since September.
ANALYST UPGRADES / DOWNGRADES
Dick’s Sporting (DKS) upgraded to Buy from Hold at Deutsche Bank
eBay (EBAY) upgraded to Buy from Hold at SunTrust
Kohl’s (KSS) was upgraded to Overweight from Neutral at JPMorgan
Facebook (FB) downgraded to Hold from Buy at Stifel
Etsy (ETSY) downgraded to Underweight from Equal Weight at Morgan Stanley
Snap (SNAP) downgraded to Underperform from Market Perform
Monday’s scheduled earnings:
(The market is closed Monday for Martin Luther King Jr. Day)
UPCOMING ECONOMIC NEWS
Monday’s economic reports (EST):
Empire State Manufacturing Survey – 8:30am
METALS / OIL
Gold closed at $1,334.90 an ounce, up $12.40
Silver settled at $17.14 an ounce, down $0.18
Copper finished at $3.22 a pound, down $0.01
Crude Oil closed at $64.40 a barrel, up $0.60
a barrel, down $0.02
Bitcoin Investment Trust (GBTC) settled at $1,970.00, up $261.99
Make it a great day!
QUOTE OF THE DAY