Market Update for January 16, 2019
In Today's Update:
1) Strong earnings reports help bank shares soar and help the four main equity indices close higher once again. The Dow Jones Industrial Average gained 141.57 or 0.59%, the S&P 500 added 5.80 or 0.22% while the Nasdaq 100 closed higher by 10.86 or 0.15% and the Russell 2000 finished higher by 9.48 or 0.66%.
2) Crude Oil Futures closed slightly higher while Gold Futures advanced $5.10 or 0.40% on more weakness in the U.S. dollar. The Bond market traded slightly higher and the yield on the 10-year treasury note settled at 2.722%.
3) Goldman Sachs (GS) reported blowout quarterly earnings and had its best day in 10 years. Other big-name banks followed suit posting big gains on the day and lifting XLF the financial services ETF by $0.53 or 2.13%. Morgan Stanley (MS) closed higher by almost 4% ahead of their earnings report scheduled for tomorrow morning before market open.
About the author
Vince Vora is the head trader at TradingWins.com. Over the last three decades, he has been trading and refining his trading systems that are based on technical analysis and price action. Over the last few years, his focus has been on teaching people how to become better traders. His systems range from simple to sophisticated and can be used in any market conditions to trade stocks, options, futures and forex. By: TradingWins Team
