The markets shot higher again today locking in its first week of 2018. This is officially the best start of the year since 2006 for the markets. The Dow 30 closed higher by 216, now one quarter of the way to the next 1000 point milestone. The S&P 500 added 18, and the Nasdaq 100 gained 58 on the day. Next week starts with some light, scheduled news so investors will be looking at Washington and stock specific news early on.
Barnes and Noble (BKS ) broke down to new lows today losing another 13.85%. The company announced it's holiday sales which declined by 6.4%. While this was just slightly more than what the street expected, their online sales were also a disappointment, losing 4.5%. The breakdown today is also attractive to technical traders that play these sorts of patterns. The volume was above average as well.
CVS Health (CVS ) shares were higher by 4.41% today after the company commented that thanks to Donald Trump and the recent tax reform bill would put $1.2 billion more in the company's pocket for 2018. The company released the statement, "With the financial flexibility that tax reform provides, the company anticipates making strategic investments in future areas of growth in its business." Investors cheered the hint at M&A with strong buying pressure today.
World Wrestling Entertainment (WWE ) shares traded slightly higher today (+0.58%), and remains near it's highs following an upgrade from Wells Fargo. The company upgraded the wrestling company to outperform stating that "it checks all of the boxes for us and we believe it has a clear path of catalysts through 2018." The stock has been quite strong since October, up over 50%.
