U.S. markets finished mostly higher on Thursday while showing overall strength for a fifth-straight session. The late session rally held despite the signing of the declaration of a 25% tariff on imported steel and a 10% tariff on imported aluminum. The market took it as a good sign as Canada and Mexico are being exempt, for now from the tariffs, while NAFTA negotiations are ongoing.
The S&P 500 gained 0.5% after testing a high of 2,740 while closing less than a point below its 50-day moving average. The Dow was up 0.4%, after trading to a high of 24,950 with near-term resistance at 25,000 holding.
The Nasdaq advanced 0.4% after making a run to 7,435 while clearing and holding the 7,400 level for the first time since late January. The Russell 2000 dipped 0.2% after topping out at 1,580 and spending the rest of the session underwater.
Barclays (BCS) upgraded to Neutral from Sell at Goldman Sachs
Splunk (SPLK) upgraded to Buy from Hold at Argus
Wendy's (WEN) upgraded to Buy from Neutral at Longbow
CF Industries (CF) downgraded to Underperform from Buy at BofA/Merrill
Veon (VEON) downgraded to Hold from Buy at HSBC
Zagg (ZAGG) downgraded to Neutral from Buy at B. Riley FBR
Friday's scheduled earnings include:
American Woodmark (AMWD), Big Lots (BIG), Global Water Resources (GWRS), Revlon (REV), Spark Energy (SPKE)
Friday's economic reports (EST):
Unemployment report - 8:30am
Wholesale Trade - 10:00am
Baker-Hughes Rig Count - 1:00pm
Gold closed at $1,321.70 an ounce, down $5.90
Silver settled at $16.50 an ounce, up $0.01
Copper finished at $3.07 a pound, down $0.06
Crude Oil closed at $60.29 a barrel, up $0.17
Bitcoin Investment Trust (GBTC) settled at $15.74, unchanged
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