By Markus Heitkoetter
￼This past week the Fed was clearly the focus.
The Fed Statement didn’t really reveal any new information, but traders didn’t seem to mind. After Wednesday’s Fed Statement, stocks ended the day at what would become highs for the week.
With Wednesday’s statement out of the way, trading the rest of the week wasn’t too exciting. Stocks went nowhere on Thursday and suffered a small loss on Friday.
Although stocks were lower on Friday, it wasn’t enough to make a real dent in gains for the week.
After giving back 5 points on Friday, the S&P finished the week up 24 points (= 1.16% gain). The S&P closed the week at 2103.84.
The DOW lost 56 points on Friday. The DOW managed to climb 121 points for the week (= 0.69% gain), closing at 17689.86.
The NASDAQ was flat on Friday but was up 40 points (= 0.78% gain) for the week. Taking a look at the month of July, the NASDAQ led the major indices. The NASDAQ finished July 2.84% higher compared to a 1.97% gain for the S&P, and 0.40% gain in the DOW.
The big loser over the last few weeks has been Crude Oil (CL). Crude Oil dropped another 2.5% this week and ended the month of July with a whopping 21.33% decline. Crude Oil is now trading at levels not seen since 2009.
As we kick off a new month of trading we can look forward to an active economic calendar this next week.
We start things off with Personal Spending at 8:30am ET and ISM Manufacturing PMI at 10:00am ET on Monday, followed by Factory Orders at 10:00am on Tuesday. We have ADP Non-Farm Employment Change at 8:15am ET, Trade Balance at 8:30am ET, and ISM Non-Manufacturing PMI at 10:00am ET on Wednesday. Thursday brings us weekly Unemployment Claims at 8:30am ET. And then we wrap up the week with the closely watched Jobs Report at 8:30am ET on Friday.