The stock market shrugs off another 6M job losses, but off highs

Technical Analysis

Author: Greg Michalowski | sp

Dow close that highest level since March 10

The major stock indices shrugged off another 6 million job losses and closed higher, but the indices are off highs for the day.  The major indices now have 2 day win streak. The Dow closed at the highest level since March 10.

The final numbers are showing:
  • S&P index up 39.84 points or 1.45% at 2789.82
  • Nasdaq index up 62.67 points or 0.77% at 8153.57
  • Dow index rose 285 points or 1.22% at 23719.33.
The S&P index did move above its 50% retracement level at 2792.69, but is closing back below that level at the close.  

The good news is the 
  • rise this week was the largest since 1974. 
  • The NASDAQ and back-to-back gains for the 1st time since March 2
  • the Dow adjuster average rose by nearly 13% in the shortened trading week
Tomorrow the bond and stock market will be closed in observance of Good Friday.  That will be weird with coronavirus news and follow through from OPEC still in play.



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