The main Wall Street indexes ended Friday trading session with increases, giving a positive impetus to trading in March. The investors continue to benefit from the strongest start of the year for nearly three decades.
The blue-chip index Dow Jones Industrial Average added more than 110 points to its value and reached a level of 26,026.32 points, with Nike and Chevron performing best. The broader S&P 500 grew by 0.69% to 2,803.69 points, receiving strong support from the health and energy sectors. The index passed the threshold of 2,800 points for the first time since November 8 last year. The technology index Nasdaq Composite rose by 0.83% to 7,595.35 points, boosted by Amazon’s growth.
Despite of the strong performance on Friday, the indexes ended their weekly winning streaks. Dow Jones reported a decrease of almost 100 points or 0.3%, while S&P 500 wiped out less than 1 points from the starting level at the beginning of the week.
However, the market has certainly had a big bounce this year. The Dow Jones Industrial Average gained 11.1% during the first two months of 2019, its best two months since August 2009, while the S&P 500 rose 11.1%, its best two months since October 2010.
The US indexes retreated from their peak for the day after releasing disappointing economic data. The US industrial production has expanded at its slowest pace since November 2016. At the same time, the Index of Consumer Sentiment by Michigan University remained below the markets’ expectations for February.
The decreasing trade tensions between China and the US, along with the slowdown of the Fed’s monetary policy tightening, pushed the US indexes to a strong rally at the beginning of 2019.
On the bond markets, the yields on 10-year and 30-year US government bonds rose to 2.766% and 3.135%, respectively.
Corporate stocks performance
The best performers of the session on the Dow Jones Industrial Average were Chevron Corp, which rose 2.05%. Nike Inc added 1.93% and UnitedHealth Group Incorporated was up by 1.62%.
The worst performers of the session were Walgreens Boots Alliance, which fell 6.43%. Walmart Inc declined by 1.07% and Cisco Systems was down 0.70%.
The stocks of Tesla declined by more than 8% after the company released its standard Model 3, which is priced at 35,000 USD. Worldwide sales will only be available online, which aims to boost demand and shrink overhead costs for the manufacturer of electric vehicles.
The stocks of Amazon rose by more than 2% after the Wall Street Journal reported that the company plans to open its own grocery chain at lower prices than at Whole Foods. After the news, Kroger’s stock declined by more than 4%.
The top performers on the S&P 500 were Dentsply Sirona, which rose 17.65%, Gap Inc (NYSE:GPS) which was up 16.18% and Stericycle which gained 15.81%.
Autodesk stock gave up early gains to fall 2.6% after its better-than-expected Q4 earnings results. Shares of the design software firm are still barely in buy range from a 160.04 USD buy point. The 5% buy zone tops out at 168.04 USD.
Splunk reversed from early gains to decline by 0.4% despite strong Q4 results. Shares remain in a buy range from a cup base’s 130.10 USD entry after a breakout in early February.
Workday dropped by 3.4% in morning trade Friday. The enterprise software maker beat the Street’s Q4 targets.