Title: Dow Jones Ends Nine-Week Winning Streak as Market Faces Mixed Week
The Dow Jones Industrial Average and other major indexes closed higher on Friday, wrapping up a week of mixed performance. Despite Friday’s gains, the Dow and other indexes experienced losses for the week, putting an end to their nine-week winning streak.
The Dow industrials finished the week with a small 0.1% gain, while the S&P 500 rose 0.2% and the Nasdaq fell 0.2%. Investors witnessed a similar trend in the small-cap sector, with the Russell 2000 registering a 0.2% decline, while the Innovator IBD 50 ETF advanced by 0.6%.
December’s employment report provided a positive highlight, surpassing expectations by adding 216,000 jobs to the economy, well above the estimated 164,000. This news was welcomed by Treasury Secretary Janet Yellen, who expressed optimism about the future prospects of the economy.
The manufacturing sector also showcased strength, as factory orders in November increased by 2.6%, surpassing the estimated 2% growth. The services sector also displayed promising signs of expansion, with the Institute of Supply Management’s Services Index recording 50.6 for December.
However, investors faced some concerns as the yield on the 10-year Treasury note climbed to 4.04%, raising worries about potential inflationary pressures.
Technology giants Apple and Microsoft faced contrasting fortunes during the week, with Apple continuing its decline and falling further below the 50-day moving average. Microsoft, on the other hand, remained in a base with a buy point of 384.30.
Within the Dow, Verizon and Boeing emerged as top gainers, while UnitedHealth and IBM incurred losses of over 1%.
In the world of electric vehicles, Tesla faced a mixed week. The company found support at the 50-day moving average but also announced its largest recall in China. Meanwhile, Nvidia rebounded from the 50-day moving average, but Google parent Alphabet fell below a cup-with-handle entry.
In other investment news, Warren Buffett’s Berkshire Hathaway made a notable move by acquiring shares of Liberty Media SiriusXM at a price of 29.76 per share. Constellation Brands experienced a rise in stock value after reporting their third-quarter results, while Mettler-Toledo saw a fall after issuing lower sales and earnings guidance for the fourth quarter.
The cryptocurrency market witnessed mixed performance as well. Crypto plays like Marathon Digital and Riot Platforms experienced a sell-off, while the Grayscale Bitcoin Trust and bitcoin itself experienced slight declines.
Overall, the market’s mixed performance reflected the continued volatility and uncertainty in these times, as investors grapple with various economic indicators and ongoing global developments.
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