Stocks on Track for 7th Winning Week in 8 Amid Economic Confidence

Green screens flashed for major stock averages early Friday, keeping the main benchmarks on track to log a seventh weekly gain out of the past eight. That includes a possible 2% gain for the benchmark S&P 500 (SPX) this week. Friday’s light earnings line-up, including more retail names, will likely continue to drive individual stock trading, and monthly options expiration could induce extra volume.

Chartists are eyeing the 2075 line as near-term support for SPX, with the big threshold of 2100 setting up as the next upside target (figure 1). Energy shares have been broader market drivers this week; traders continue to monitor crude prices, with many wondering if $40 a barrel can hold?

Of course, the bulk of this week’s advance was logged on Wednesday. That’s when Wall Street bulls embraced Federal Reserve meeting minutes that indicated (again!) a December interest rate hike is in the works—a potential move that’s largely considered a sign of Fed confidence in the U.S. economy amid global uncertainty.

Different Scene for Gap. Shares in Gap GPS flashed a down day after the clothing retailer late Thursday cut its profit guidance for the year as quarterly sales fell more than expected.

Foul on Foot Locker? Shoe and apparel retailer Foot Locker (FL) beat the Street’ profit and sales estimates, but shares were choppy.

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Posted In: EarningsNewsGuidanceRetail SalesEconomicsFederal ReserveMarkets
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