Courtesy of John Nyaradi.
Stocks rise into weekend on hope for strengthening economy
Stocks rose on Friday in spite of ratings downgrades and threats of downgrades in Europe as FedEx reported strong earnings and economically sensitive sectors Energy (NYSEARCA:XLE) Materials (NYSEARCA:IYM) and Transportation (NYSEARCA:IYT) all moved higher into the close.
The Dow Jones Industrial Average dropped 2 points while the S&P 500, Nasdaq and Russell 2000 ETFs (NYSEARCA:IWM) all gained in late day moves.
The beaten down gold market and its exchange traded funds including (NYSEARCA:IAU) clawed back today with gains of 1.96% as the market recovered from oversold conditions and the recent brutal sell off.
For the week, major indexes lost approximately 3%, but hope was alive on Friday in spite of European stress and important leaders like Materials, Energy, Gold, Transports and Small Caps led the way higher into the weekend. Bottom line: The market wants to go higher and events in Europe will likely continue to control events at home.
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