Markets: The market had good gains for the week again, with the Dow capping an 11-day winning streak – its longest since 1987. The S&P 500 ended at right around an all-time high on Friday, and hit its 11th all-time high this week. It continues to trade in a tight 1% range, the tightest in 40 years. Investors got defensive, shunning small caps, and leaving the NASDAQ up only slightly.
Q4 earnings season update: Over 400 companies have reported earnings, with 74% beating profit targets and 53% beating revenue marks. “Results beat expectations for the 31st consecutive quarter”, according to Barclay’s.
Dividend Stocks Update: These high dividend stocks go ex-dividend this coming week: EFC (NYSE:EFC), NYLD (NYSE:NYLD), NNA (NYSE:NNA).
Volatility: The VIX was flat this week, finishing at $11.47.
Currency: The USD fell vs. most major currencies, except the euro and the Swiss franc:
Market Breadth: 21 of the DOW 30 stocks rose this week, vs. 27 last week. 67% of the S&P 500 rose, vs. 72% last week.
US Economic News: Existing Home Sales rose 3.8% vs. last year, the highest in 10 years. New Home Sales rose a bit less than forecast. Consumer Sentiment was up more than expected.
Week Ahead Highlights: It’ll be a heavy data week, but we won’t get the Non-Farm Payrolls report until the following Friday. Wall St. will be watching the president’s speech to Congress on Tuesday, looking for more specifics on tax reform and infrastructure spending.
Sectors & Futures: Utilities and Real Estate surged, as investors got a bit more defensive. Energy pulled back, as natural gas futures faded, but crude was up slightly.
Natural gas trailed again, as the US experienced unseasonally warm winter weather. WTI crude futures gained .45% this week:
