S&P 500 Completes Best Week of 2015
Even though the S&P had a red Tuesday closing down, Friday's win was enough to push this week to the top of the pile!
The S&P 500 completed its best week of 2015. Six of the 10 S&P 500 sectors closed higher Friday. Actually, all the major averages closed higher for a second week in a row. The Dow marked its sixth day in a row of gains -- that's the longest winning streak of the year, and best week in eight months!
Many companies that you may own hit new lifetime highs for the second day in a row including Starbucks (NASDAQ:SBUX), Reynolds American (NYSE:RAI), Tyson Foods (NYSE:TSN), Constellation Brands (NYSE:STZ) and Dr. Pepper Snapple Group (NYSE:DPS).
It wasn't just the major averages having an incredible week; oil jumped for a second day. And while it did lose grip on its $50 level, it still managed to score a gain of 9% for the week. Weakness in the U.S. dollar, the conflict in Syria and a fall in U.S. oil rig count led oil to close at $49.30 per barrel.
Another big mover Friday was Lumber Liquidators (NYSE:LL), soaring as much as 30% Friday after it announced it reached a $10 million settlement with the Justice Department. The settlement was related to a 2013 inquiry about the use of illegally imported timber from Russia. Lumber Liquidators agreed to plead guilty to all violations. The stock closed higher by nearly 15%.
Third quarter earnings are in full swing and there are several big names reporting next week, including most of the big banks; JPMorgan (NYSE:JPM), Citigroup (NYSE:C), Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC) and Goldman Sachs (NYSE:GS).
While the bond markets will be closed on Monday for the Columbus Day holiday, the markets will be opened!