Stocks take a break for President's Day after a torrid run
After the best week for stocks in almost five years, trading will take a day off on Monday in observance of President’s Day.
The New York Stock Exchange and Nasdaq will be closed and the Securities Industry and Financial Markets Association (SIFMA) recommends no trading in dollar-denominated securities, including bonds, money markets and certificates of deposit.
No economic data will be released and all federal and state agencies and offices will be closed.
The Dow extended its winning streak on Friday, though stocks ended the day mixed after authorities revealed indictments of Russians who allegedly interfered in U.S. elections.
"I’ll be watching the S&P, as it’s gain back about 50% of the selloff. This is very typical of a bounce, and the Market could easily go back to its 2018 lows," says Gary B. Smith, Kadina Group President. "In fact, Friday was a little ominous in that the market gave up a lot of it’s gains in the end of the day."
The Dow Jones Industrial Average gained about 19.01 points, or 0.08%, to 25,219.38. The S&P 500 added 1.02 points, or 0.04%, to 2,732.22. The Nasdaq Composite fell 16.96 points, or 0.23%, to 7,239.47.
Following a week that saw the Dow and S&P hit correction territory, both indexes have laced together six days of gains, putting them both positive again for the year.
On this week’s economic agenda, we’ll get the latest reading on manufacturing activity in the Mid-Atlantic region with the release of the Philly Fed report on Tuesday.
Housing will be in the spotlight on Wednesday when existing home sales for January are released. On the same day, the Federal Reserve will release the minutes from its latest meeting.