The markets traded mixed into the weekend as investors seemed happy to take their weekly profits with them. The Dow 30 was higher by 90, the S&P 500 was higher by 4, and the Nasdaq 100 sold off 2.. It was a week of low volatility with very little in the way of trade-able news.
The S&P 500 and the Dow broke out of tight trading ranges this week, which every investor on the planet was watching. The break above the range allowed for smoother sailing to the upside in the short term. While many are not confident in the move just yet, it is a good start for the bulls.
The clear leader on the week was energy, given oil's break to new highs. The price of crude oil rose from $69.80 to nearly $72 per barrel this week as President Trump backed out of the Iran nuclear deal. The energy sector (NYSE: XLE) added around 4%, and the oil explorers (NYSE: XOP) enjoyed a weekly gain of around 6%. In the Dow, ExxonMobil (NYSE: XOM) was the best performing energy name with gains of around 6%.
Technology was the other major leader this week, with gains of over 3%. Facebook (NYSE: FB) was one of the main leaders in the tech space as the stock added about 5.5%. Technical traders noted that Facebook has now officially erased all the losses from the Cambridge Analytica data breach. Apple (NASDAQ: AAPL) was also a big mover this week, adding another 2%. The bulls continued their push from the prior week as they found out about Warren Buffett's stock purchase.
Verizon (NYSE: VZ) made headlines today as J.P. Morgan upgraded the name. This sent shares higher by 3%, right back into the 200 day moving average. J.P. Morgan commented that their strong dividend and 5G network plans will be "a boost" to their bottom line.