August 29, 2020

DOW Erases 2020 Losses With Strong Close

DOW Erases 2020 Losses With Strong Close
DOW Erases 2020 Losses With Strong Close

Stocks closed higher on the day Friday to end another record week for stocks, with the DOW erasing its losses for 2020 by gaining +0.6% to close at 28,653.87. After Friday’s close, the DOW was now up +0.4% for 2020, its first foray into positive territory for the year since February.

The S&P 500 gained +0.7% to close at 3,508.01. It’s the first-ever close above 3,500 for the index. The NASDAQ climbed 0.6% to end the day at 11,695.63.

For the week, the DOW rose +2.6% for its third weekly gain in four weeks. The S&P 500 and NASDAQ both notched five-week winning streaks, rising over +3% each. This marks the S&P 500’s first five-week winning streak since late 2019. It’s also the longest run for the NASDAQ since a six-week win streak that ended in January.

Key Levels To Watch Next Week:

Every Success,
Jeremy Lutz
INO.com and MarketClub.com