By Markus Heitkoetter
It might have been a short trading week due to July 4th, but stocks got an early firework on Thursday: The DOW closed above 17,000 for the first time ever during the 4 day trading week. The DOW ended the week at 17068.26, up 216 points.
The S&P made a new entry in the record books as well. Closing at new all-time highs, the S&P was up 24.50 points for the week.
Last week’s rally was fueled by better that expected jobs numbers, and the unemployment rate dropping to 6.1%. With these type of numbers traders are starting to wonder when benchmark interest rates will be raised. And the next item that could help answer this question is the FOMC Meeting Minutes that will be released on Wednesday at 2pm ET.
Copper (HG) traders were looking for just a little more upside to be able to reach the Power Crossover Method ADR Profit Target at $326.85. And that’s just what happened.
With Thursday’s move higher Power Crossover traders got the move they were looking for. Copper’s rally last week was the biggest weekly move since September.