The markets closed the week at highs as investors cheered trade news out of China confirmed that negotiations would continue next week, as well as the Government spending bill getting officially signed. The Dow 30 closed higher by 443, the S&P 500 added 29 and the Nasdaq closed higher by 45 points. The Russell 2000 was once again a notable gainer, closing higher by about 1.5% on the day.
Sector News
Oil continued it's consistent push higher today as investors continue to consider higher prices in the face of OPEC reductions announced earlier in the week. Saudi Arabia announced they would produce only 9.8 million barrels a day in March which was a half a million less than expected .
Banks fully recovered yesterday's decline as the sector continues to trade in a choppy, wide range near highs. In the last 9 days the sector has changed direction 6 different times. Technical traders continue to see resistance overhead at the 200 day moving average.
Retail broke out of it's range today despite the horrible retail sales numbers yesterday. Thanks to a strong, broad market rally today the retail sector moved outside of a two month range. Technical traders note the distance between current levels and the 200 day moving average.
Stock News
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Applied Materials
