U.S. markets closed sharply higher on Friday after worries over tariffs on steel and aluminum faded as Wall Street focused on an unexpectedly strong jobs report and news that President Trump has accepted an invitation to meet North Korea’s leader.
The Nasdaq zoomed 1.8% after going out at a session and all-time high of 7,560. It was the first new record high since late January with the index rising 4.2% for the week.
The Russell 2000 surged 1.6% after making a run towards the 1,600 level into the closing bell but falling shy by 3 points. The index is just over 1% away from setting fresh all-time highs after adding 4.3% for the week.
The S&P 500 soared 1.7% after closing at its session high of 2,786 and was up 3.5% for the week. The Dow jumped 1.8% after trading to a high of 25,336 to close above the 25,000 for the first time since early February. For the week, the blue-chips gained 3.3% with both indexes clearing their 50-day moving averages following Friday’s gains.
TRADE OF THE DAY
ANALYST UPGRADES / DOWNGRADES
Akamai (AKAM) upgraded to Overweight from Neutral at JPMorgan
58.com (WUBA) upgraded to Buy from Hold at Benchmark
Kohl’s (KSS) upgraded to Outperform from Market Perform at Cowen
Acacia Communications (ACIA) downgraded to Underweight from Equal Weight at Morgan Stanley
Ecopetrol (EC) downgraded to Underperform from Hold at Santander
Match Group (MTCH) downgraded to Market Perform from Outperform at Wells Fargo
Monday’s scheduled earnings (EST):
Before the open: Aclaris Therapeutics (ACRS), Egalet (EGLT), Great Elm Capital (GECC), Qudian (QD)
After the close: Advanced Emissions Solutions (ADES), Clarus (CLAR), Hallador Energy (HNRG), InnerWorkings (INWK), Kronos Worldwide (KRO), Liberate Technologies (LBRT), National CineMedia (NCMI), Stitch Fix (SFIX), Tilly’s (TLYS)
UPCOMING ECONOMIC NEWS
Monday’s economic reports (EST):
Treasury Budget – 2:00pm
METALS / OIL
Gold closed at $1,324.00 an ounce, up $2.30
Silver closed at $16.61 an ounce, up $0.11
Copper finished at $3.13 a pound, up $0.06
Crude Oil closed at $62.12 a barrel, up $2.11
Bitcoin Investment Trust (GBTC) settled at $14.99 down $0.75