By Markus Heitkoetter
Stocks looked great this week. But it was the NASDAQ that was unstoppable.
The NASDAQ had its best week since October of last year after a 4.25% gain. With a close of 5210.14 the NASDAQ ended the week with a new all-time high.
Google Inc (GOOGL) helped the NASDAQ lead the major indices on Friday. Fueled by better than expected earnings, GOOGL ended the day 16.26% higher with a record close. Friday’s gain gave GOOGL a $65 billion boost, the largest 1-day stock value increase in history.
After a rocky start to July, it felt as though a weight was lifted last week. With stocks ending higher on 4 out of 5 days, it was clear that concerns over China and Greece have been put on the back burner.
The S&P ended the week with a 2.41% gain and close of 2126.64. With a 50 point increase, the S&P ended the week just 5 points away from its record close.
The DOW added 326 points last week and closed at 18086.45. The DOW ended the week with a 1.84% gain.
Here’s what to keep an eye on this upcoming week:
All-time highs – We’re back to all-time high watch. The NASDAQ did it last week. Now the S&P and DOW are within reach of new all-time highs.
Earnings – This upcoming week Apple Inc (AAPL) is the big name to watch. AAPL is expected to report earnings after the bell on Tuesday.
Calendar – It’s a lite economic calendar this week. The first notable report is Existing Home Sales on Wednesday at 10:00am ET. With Crude Oil’s 3.9% drop last week, Wednesday’s Crude Oil Inventories at 10:30am ET could attract more attention than normal. Thursday brings us weekly Unemployment Claims at 8:30am ET followed by New Home Sales at 10:00am ET on Friday.
Amazon Inc. (AMZN) continued its march higher on Friday with a 1.58% gain and close of $483.01. Friday’s move was just what PowerX traders need to take profits at a $484.12 ADR Profit Target.
A PowerX Method Buy Signal was identified on July 13th.