U.S. markets rallied on Friday while booking weekly gains, as optimism grew that the Republicans appear to have the necessary votes to pass the tax reform bill. The S&P 500 and Dow jumped 0.9% and 0.7%, respectively, to extend their weekly win streaks to four-straight while tapping fresh record highs. The Dow rose 1.3% for the week while the S&P 500 added to its half-point gain going into Friday’s session.
The Nasdaq surged 1.2% after setting a fresh all-time high while recovery the 6,900 level for the first time since late November. It was the second-straight week the index closed higher after rising 1.4%. The Russell 2000 soared 1.6% and gained 0.6% over the week. The small-cap index is less than 1% away from its record close set last month.
ANALYST UPGRADES / DOWNGRADES
Foot Locker (FL) upgraded to Buy from Hold by Canaccord
Skechers (SKX) upgraded to Buy from Hold by Argus
Under Armour (UAA) upgraded to Buy from Hold by Stifel
Criteo (CRTO) downgraded to Market Perform from Outperform by JMP Securities
Fitbit (FIT) downgraded to Sell from Hold by Stifel
Oracle (ORCL) downgraded to Sector Perform from Outperform by RBC Capital
Monday’s scheduled earnings:
Housing Market Index – 10:00am
UPCOMING ECONOMIC NEWS
Monday’s economic reports (EST):
METALS / OIL
Gold closed at $1,257.50 an ounce, up $0.40
Silver settled at $16.16 an ounce, up $0.13
Copper finished at $3.13 a pound, up $0.06
Crude Oil closed at $57.39 a barrel, up $0.35
Make it a great day!