U.S. markets were strong throughout the session as a possible relief rally continued with trade war rhetoric appearing to have cooled entering into a period of reflection and negotiation before implementation. President Trump’s economic advisor, Larry Kudlow, added to his soothing remarks from Wednesday, noting he expects a trade deal with China over time. Meanwhile, volatility closed below a key level of support.
The Dow gained 1% for the second-straight session after trading to a high of 24,622 The S&P 500 advanced 0.7% after making a run to 2,672. However, both indexes remain below their 50/100-moving averages.
The Russell 2000 was higher by 0.7% after reaching a peak of 1,545 to close between its 50-day and 100-day moving averages.The Nasdaq was up 0.5% after trading to a high of 7,112. The index cleared its 100-day moving average but a level that failed to hold into the closing bell.
AMD (AMD) upgraded to Buy from Hold at Stifel
Tiffany (TIF) upgraded to Buy from Hold at Loop Capital
Wells Fargo (WFC) were upgraded to Buy from Neutral at UBS
Intel (INTC) downgraded to Hold from Buy at Stifel
Johnson Controls (JCI) downgraded to Underperform from Sector Perform at RBC Capital
Ryder (R) downgraded to Underweight from Neutral at JPMorgan
Greenbrier Companies (GBX)
Friday's economic reports (EST):
Jobs Report - 8:30am
Baker-Hughes Rig Count - 1:00pm
Consumer Credit - 3:00pm
Gold closed at $1,328.50 an ounce, down $11.70
Silver settled at $16.35 an ounce, up $0.10
Copper finished at $3.07 a pound, up $0.06
Crude Oil closed at $63.64 a barrel, up $0.05
Bitcoin Investment Trust (GBTC) settled at $11.01 down $0.11
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