Bulls Tap Another Round of Closing Highs

U.S. markets were sluggish on Friday’s open following disappointing economic news and ongoing trade developments on rolling back American tariffs on Chinese imports. President Trump said the U.S. hasn’t agreed to a rollback of tariffs on China as negotiations between the two continues.

Trump added that while China wants a partial reversal of tariffs, he has not agreed to roll them back yet. Despite the negative headlines, a late day rally lifted the major indexes into positive territory and fresh lifetime closing highs to end the week.

The Dow edged out a 6-point win, or 0.02%, after testing an opening high of 27,694. Fresh and resistance at 27,750-28,000 easily held with Thursday’s all-time intraday peak at 27,774.

The S&P 500 added 0.3% after trading in a 20-point range while closing at the session high of 3,093. New and lower resistance at 3,100-3,125 was challenged for the 2nd-straight session with the current all-time high at 3,097.

The Nasdaq rose 0.5% after closing on its high of 8,475, as well. Current and lower resistance at 8,500-8,550 held with the prior session all-time high at 8,483.

The Russell 2000 climbed 0.3% with the session peak falling just shy of 1,599 into the closing bell. Near-term and lower resistance at 1,600-1,615 was challenged but held for the 5th-straight session.

For the week, the Nasdaq advanced 1% for its 6th-straight weekly win while Dow was up for the 3rd-straight week after gaining 1.2%. The S&P 500 was up 0.8% to extend its winning streak to 5-straight weeks and the Russell 2000 rose 0.6%.

Healthcare and Technology were the strongest sectors on Friday after rising 0.7% and 0.6%, respectively. Energy and Utilities and were the weakest sectors after giving back 0.4%.

For the week, the best performing sectors were Financials and Industrials (4%), Energy and Technology (2.4%). Real Estate (-3.8%), Utilities (-3.5%), and Consumer Staples (-0.6%) paced sector laggards.