U.S. markets showed strength to close out a shortened week while finishing higher over the four sessions and ahead of Good Friday. It also marked the last trading day for the month and quarter which most fund managers were probably glad to see.
April is historically a bullish month for the market with the Dow typically showing the most strength.
However, the technical outlook remains rocky with 1Q earnings season fast approaching and a number of headwinds facing the U.S. and global markets going forward.
The Nasdaq surged 1.6% after trading to an intraday high of 7,120 to regain the 7,000 level but remains below its 100-day moving average. For the quarter, Tech was up 2.3%, and year-to-date.
The S&P 500 surged 1.4% after tapping a high of 2,659 but remains roughly 2% below its 100-day moving average. For the quarter, the index was down 1.2%.
The Russell 2000 rallied 1.2% after racing to a high of 1,540 to clear its 100-day moving average but a level that failed to hold into the close. The index was down 6 points, or 0.4% for the quarter.
The Dow jumped 1.1% to regain the 24,000 level while trading to an intraday high of 24,314. The index fell 2.3% for the first-quarter.
ANALYST UPGRADES / DOWNGRADES
Akamai (AKAM) upgraded to Equal Weight from Underweight at Morgan Stanley Exelon (EXC) upgraded to Neutral from Sell at Goldman Sachs
Harley-Davidson (HOG) upgraded to Neutral from Underperform at Longbow DiamondRock (DRH) downgraded to Underperform from Neutral at Boenning & Scattergood
GameStop (GME) downgraded to Underperform from Neutral at BofA/Merrill Starbucks (SBUX) downgraded to Neutral from Outperform at Wedbush
Market closed for Good Friday.
UPCOMING ECONOMIC NEWS
Friday’s economic reports (EST):
No major announcements.
METALS / OIL
Gold closed at $1,327.30 an ounce, down $2.70
Silver closed at $16.27 an ounce, up $0.02
Copper finished at $3.02 a pound, up $0.02
Crude Oil closed at $64.92 a barrel, up $0.28
Bitcoin Investment Trust (GBTC) settled at $10.49 down $0.79
Make it a great day!
QUOTE OF THE DAY