The stock market capped a strong week with an advance that sent the S&P 500 higher by 0.5% to extend its weekly gain to 3.4%. The Dow Jones Industrial Average (+0.2%) underperformed today, but the price-weighted index still managed to add 3.0% for the week.
After adding more than 88 points in the previous two sessions, the S&P 500 spent the first half of Friday near its flat line, but climbed ahead of the close. Despite the sharp midweek surge, buying interest remained in place with nine of ten sectors ending the day in the green.
Seasonality should could continue to be our friend next week.
The energy sector (+3.1%) finished in the lead and extended its weekly gain to 9.7%, which put the growth-sensitive group well ahead of the remaining sectors. Crude oil contributed to today’s rally as the energy component settled higher by 5.4% at $57.10/bbl and continued its advance into the $58.00/bbl area in electronic trade.
We have a fairly full list of names right now, so I’m easing off the pedal for now.
However here are few names I’ll be watching this week for possible entry.
CLDN
CYBR
KFRC
TTPH
RGLS
See you in the morning.