Stock Market Closes The Week Strong, Miner Stock Pulls Ahead


The major stock market indexes finished strong Friday afternoon, near the highs of the day. The Dow Jones Industrial Average gained 2.5% and was up 749 points, but found resistance its 50-day moving average.


The S&P 500 added 2.4% while the Russell 2000 small-cap index was higher by 2.2%, rising above its 21-day exponential moving average. The Nasdaq composite rose 2.3% and found support at its 21-day line.

The tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF (QQQ) gained 1.9%.

The NYSE traded in higher volume than Thursday while Nasdaq volume was lower.

Crude oil rose 0.7% to $85.15 per barrel. The SPDR Select Energy ETF (XLE) gained 2.9%.

Natural gas sold off for its sixth straight decline even though EU leadership failed to agree on a gas price cap. Natural gas futures fell 6.7%, slightly below $5 per million British thermal units.

The 10-year Treasury note yield held at 4.23%. Bitcoin added 1% to $19,210.

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European markets were mixed, with the German DAX stock index down 0.3% and the Paris CAC 40 0.9%. The London FTSE 100 rose 0.4% to close out the trading week.

Friday Movers: Mining Stock Show Big Gains

Freeport-McMoran (FCX) rallied 10% despite reporting disappointing Q3 earnings results Thursday. The company expects its gold sales to increase. It closed with the second highest gain in the S&P 500 today.

Pfizer (PFE) jumped 4.8% on news it will sell its Covid-19 vaccine for $110 to $130 per dose, about four times what it sells for today. The company says it no longer believes Covid constitutes a public-health emergency. Vaccine co-developer  BioNTech (BNTX) rose 11.2% in heavy volume.

SVB Financial (SIVB) fell 24%, the S&P 500’s biggest loser. The company reported a beat on its Q3 EPS but got hit by analyst downgrades and price target cuts.

Snap (SNAP) plunged 28.1% after reporting weak Q3 earnings. The company is not providing Q4 sales or adjusted EBITDA guidance, but warned that year-over-year revenue growth will decelerate.

Nutritional foods producer Simply Good Foods (SMPL) gapped up 10% on heavy volume after reporting a beat on fiscal Q4 2022 EPS and sales. The company raised its sales outlook for fiscal 2023  but expects full-year gross margins to decline, due to rising supply-chain costs. The company makes Quest and Atkins brands.

Schlumberger (SLB) rose 10.3% after reporting a beat on Q3 EPS and sales.

Its shares are in a deep cup base. The relative strength line hit a new high as indicated by the blue dot on the MarketSmith chart. The company holds a 98 Composite Rating and a 96 stock Relative Strength Rating. SLB leads the S&P 500 today.

American Express (AXP) sank 1.7% despite a beat on Q3 EPS and sales. Their CFO cites rising rates as a modest headwind to their net interest income.

Stock Market: Steel Stocks Break Out

Exxon Mobil (XOM) rallied 1.9% and hit an all-time high. The relative strength line also hit a new high.

The Innovator IBD 50 ETF (FFTY) gained 2.9%, higher than major stock market indexes.

Steel Dynamics (STLD) jumped 8.5% and broke out of an undefined choppy base, hitting the 88.72 buy point. Its relative strength line hit a new high.

Commercial Metals (CMC) rose 2.1% and broke out of a cup base, hitting a 44.45 buy point. Its relative strength line also hit a new high. The company has a best-possible 99 Composite Rating.

CVB Financial (CVBF) fell 4.9% in heavy volume, triggering the 7%-8% sell rule from its 28.24 buy point. Shares are down 24.4% this week, on pace for its worst week since March 2009.


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