Market Regains Positive Territory for April

U.S. markets showed steady strength ahead of a slew of corporate earnings due out after Thursday’s bell to get back into positive territory for the month. The results will likely influence Friday’s action to set up the last trading for the month on Monday and the start of next week’s FOMC meeting on Tuesday. Volatility relaxed and stayed below a key level of resistance with the major indexes remaining trapped in a broader trading range for much of April but off the March lows.

The Dow surged 1% after testing an intraday high of 24,402 while holding the 24,000 level for the second-straight session. The S&P 500 soared 1% following a run to 2,676 but shy of the early week high of 2,683. Both indexes closed within 1% of their 50-day moving averages.

The Nasdaq snapped a 5-session slide after zooming 1.7% while reaching a late day peak of 7,143. The index held the 7,000 level for the third-straight session and is just over 1% from clearing its 50-day moving average.

The Russell 2000 closed higher for the first time in six sessions after rising 0.5% while making a push to 1,562 ahead of the closing bell. The index held its 50-day moving average for the 3rd-straight session and appears to be forming a temporary bottom.

Anthem (ANTM) upgraded to Overweight from Neutral at JPMorgan
Boeing (BA) upgraded to Buy from Hold at Societe Generale
Wex (WEX) upgraded to Buy from Neutral at Citi

Citrix (CTXS) downgraded to Hold from Buy at Berenberg
Stratasys (SSYS) downgraded to Neutral from Overweight at Piper JaffrayTrivago (TRVG) downgraded to Hold from Buy at Deutsche Bank

Friday’s earnings: Autoliv (ALV), Barnes Group (B), Chevron (CVS), Dominion Energy (D), Exxon Mobil (XOM), Honda Motor (HMC), Moody’s (MCO), Phillips 66 (PSX), Simon Property Group (SPG), Ventas (VTR)

Friday’s economic reports (EST):
GDP – 8:30am
Employment Cost Index – 8:30am
Chicago PMI – 9:45am
Consumer Sentiment – 10:00am
Baker-Hughes Rig Count – 1:00pm
Farm Prices – 3:00pm

Gold closed at $1317.90 an ounce, down $4.90
Silver closed at $16.49 an ounce, down $0.01
Copper finished at $3.09 a pound, down $0.03
Crude Oil closed at $68.16 a barrel, up $0.13
Bitcoin Investment Trust (GBTC) settled at $15.35 up $0.28

Make it a great day!

Todd Mitchell