Market Stays Hot for the Fourth-Straight Week

The stock market closed higher on Friday following another record-setting rally, fueled by stronger-than-expected economic data and earnings. Specifically, housing starts rose 19.4% to a 1.74 million rate in March, while March building permits rose 2.7% to a 1.77 million rate. Additionally, the University of Michigan consumer sentiment survey reading increased 1.6 points to 86.5 in the preliminary April report.
Bank earnings continue to shine as Morgan Stanley (MS) reported better-than-expected numbers for the first quarter, with the company saying on its conference call that the quarter was marked by numerous performance records. The weekly gains were the fourth-straight for the overall market.
The Dow traded to an opening all-time high of 34,256 while finishing at 34,200 (+0.5%). Unchartered territory and lower resistance at 34,250-33,500 was cleared but held. A move above the latter would signal ongoing strength towards 34,750-35,000.

The S&P 500 closed at 4,185 (+0.4%) after reaching a record peak of 4,191 ahead of the final bell. Fresh and lower resistance at 4,175-4,200 was breached and held. A pop above the latter would indicate upside towards 4,225-4,250.

The Russell 2000 settled at 2,262 with the morning high tapping 2,273 (+0.3%). Near-term and lower resistance at 2,275-2,300 was challenged but held. A move above the latter would suggest additional strength towards 2,325-2,350 with the all-time top from mid-March at 2,360. Below is a chart of the IWM.

The Nasdaq ended at 14,052 (+0.1%) with the late day peak hitting 14,062. Prior and lower resistance from early February at 14,050-14,150 was cleared and held. A close above the latter and the record high at 14,175 would likely lead to a breakout towards 14,250-14,400.

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Comcast (CMCSA) upgraded to Outperform from Market Perform at Raymond James
Oshkosh (OSK) upgraded to Buy from Neutral at UBS
United Airlines (UAL) upgraded to Buy from Hold at Argus

California Water Service (CWT) downgraded to Sell from Neutral at Seaport Global
Goodyear Tire (GT) downgraded to Equal Weight from Overweight at Morgan Stanley
Splunk (SPLK) downgraded to Sector Weight from Overweight at KeyBanc

Before the open: ​Acme United (ACU), Bank of Marin Bancorp (BMRC), Coca-Cola (KO), Guaranty Bancshares (GNTY), M&T Bank (MTB), Old National Bancorp (ONB), Prologis (PLD)

After the close: American Campus Communities (ACC), Crown Holdings (CCK), Equity LifeStyle Properties (ELS), F.N.B. Corporation (FNB), Hexcel (HXL), International Business Machines (IBM), Pinnacle Financial Partners, (PNFP), ServisFirst Bancshares (SFBS), Steel Dynamics (STLD), United Airlines (UAL), Wintrust Financial (WTFC), Zions Bancorporation (ZION)

​No major announcements

Gold closed at $1,780.20an ounce,  up $13.40
Silver settled at $26.10 an ounce, up $0.14
Copper finished at $4.17 a pound, down $0.05
Crude Oil was at $63.07 a barrel, down $0.27
Bitcoin Investment Trust (GBTC) ended at 51.37 down $1.23

I hope this helps you prepare for the trading day. Make it a great one!

 Todd Mitchell

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