MARKET OVERVIEW, RESULTS & WEEK AHEAD
The major indices continued to ascend to a “summit” and/or at least to heights that they have never seen previously. Many more stories are being written about how we cannot possibly go higher, many more institutional investors increasingly are sharing their amazement that we continue to rise and some are even predicting an imminent drop. I guess we will see, but in the meantime, we are in the midst of another week of the current Q3 earnings season and the reports have been strong again for the most part. Of note, Amazon (AMZN) jumped a whopping 13.2% on Friday as they beat on the top and bottom estimates and closed at $1100.95. Dow 30 components Microsoft (MSFT) and Intel (INTC) also moved up significantly this week after they both beat estimates. The Dow added a respectable +.5% again this week and is up +18.6% YTD. The S&P 500 and the Nasdaq closed the week at record highs that were further fueled by earnings beats in the technology sector. However, the Russell 2000 was off -.1%. Oil jumped a strong 4.5% and is now at $53.99 ($/bbl) & in the black YTD +.5%. The advance GDP report came in this week and confirmed that the US economy increased at annual rate of 3.0% in Q3.