US stocks get a boost on hopes for better China/US relations

Technical Analysis

Author: Greg Michalowski | sp

Major indices higher. S&P moves above 50 day MA

The major US stock indices got an afternoon boost after reports - later denied - that US was mulling kickstarting trade negotiations by lifting the trade tariffs.  Regardless of whether true or not, the report was enough to push the major indices higher.  The final numbers are showing:

  • The S&P index rose 19.84 points or 0.76% at 2635.94
  • The NASDAQ composite index rose 49.772 points or 0.71% at 7084.46
  • The Dow industrial average rose 162.94 points or 0.67% at 24370.10
After the close, Netflix added 8.84 million new subscribers which was above expectations. EPS came at $.30 versus $.25.  The 4Q revenue was $4.19B which was short of estimates of $4.21B.  They see 1st quarter revenues of $4.49B which is lower than the estimate of $4.60 billion.

Netflix is trading down $-9.11 at $344.50 (-2.6%). It rose some 50% since December 24th.  It's not one for me.  Seems a little rich....

Meanwhile American Express (fintech) easily beat earnings estimates with fourth-quarter EPS coming in at $2.32 versus $1.80 estimate.  

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