European strength, positive data extend index gains

Intraday on Friday we were also looking for narrower trading action as the weekend approached. Although the session had a narrower intraday range than most days of the past two months, the intraday trending action was better than I'd originally expected. The market held lows mid-day and a shallow Phoenix formed along the 5 minute 20 period moving averages. This led to a resumption of the week's uptrend throughout the remainder of the session and even though the market had put in a high on the 15 minute time frame in the morning, it still managed to break to new highs in the afternoon.

S&P 500 (Figure 2)

INDEX WRAPUP

The Dow Jones Industrial Average ($DJI) ended the day on Friday with a gain of 166.36 points, or 1.45%, and closed at 11,644.49. Twenty-eight of the Dow's thirty index components posted a gain. The top performers were Caterpillar (CAT) (+3.25%), DuPont (DD) (+3.02%), Disney (DIS) (+2.74%), and Chevron (CVX) (+2.74%). The losers were American Express (AXP) (-0.50%) and Bank of America (BAC) (-0.48%). The Dow ended the week higher by 4.88% and is now up 0.58% year-to-date.

The S&P 500 ($SPX) finished the session with a gain of 20.92 points, or 1.74%, and closed at 1,224.58. The strongest sector on Friday was energy, which rose 3.6%. (Oil was up 3.2%.) The top individual percentage performers in the index were Harman Intl. Inds. (HAR) (+9.63%), Pioneer Nat. Res. (PXD) (+7.85%), Lincoln Natl. Corp. (LNC) (+7.72%), and Marathon Pete. Corp. (MPC) (+7.02%). The top decliners were Microchip Technology (MCHP) (-5.27%), Janus Cap. Group (JNS) (-3.26%), and Safeway Inc. (SWY) (-1.45%). The S&P 500 ended the week higher by 5.98%, but it is still down 2.63% year-to-date. All ten of the S&P's industry sectors were in the black for the week, led by energy.

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