Toil Paper Troubles?
Good day! This past week was a slow one for the markets with the indices creeping higher after a strong rally to kick off December. On Friday the market overcame weakness from Thursday morning, gapping higher into the opening bell. This gap zone closed within the first 45 minutes of the day, but the 10:15 ET correction period held and the market was able to once again begin to recover. The pace of that recovery was gradual, however, and the market found it difficult to break through the opening highs. A shift in the momentum of price action between 11:00 to 12:00 ET helped. During this time the indices pulled more gradually off the upper end of the session's trading range on declining volume. This created a buy setup that triggered with the correction period at noon ET. This setup was able to help the market push to new intraday highs, but the overall buying was still on the slow side.
Dow Jones Industrial Average
The indices closed near the highs on Friday. The Dow Jones Industrial Average ($DJI) had a gain of 40.26 points, or 0.35%, and closed at 11,410.32 on Friday. Only seven of the Dow's thirty index components posted a loss for the session. The top performers were General Electric (GE) (+3.44%), Pfizer (PFE) (+1.55%), and JP Morgan (JPM (+1.52%). The strongest stock for the week was General Electric (GE), which increased its quarterly dividends by 17%. The weakest were Kraft Foods (KFT (-1.09%), Boeing (BA) (-0.70%), and Coca-Cola (KO) (-0.28%). The weakest stock in the index for the week was McDonald's (MCD). The index ended the week higher by 0.25%.