10:30pm (EST)
The market ended mixed on Friday but the bulls did manage to win the week for the first time in five. Word that China took steps to scale back lending for the second time in slowed the bulls but Tech finished strong keeping losses to a minimum.
The Dow fell 45 points after being down as much as 160 points to close at 10,099. Believe it or not, it was the first positive week since the beginning of the year as the index added 87 points, or 0.9%.
The S&P 500 finished at 1,075, down 3 points, but also added 0.9% for the week, or 9 points.
The Nasdaq has been the interesting story and could hold clues to where the market is headed over the next few weeks. The index closed at 2,183 after finishing with a gain of 6 points. For the week, the Nasdaq soared 2%, or 42 points and closed above its 20-week moving average for the first time in a this month.
Economics will play an important role in this week’s shortened session as the market was closed on Monday for President’s Day. Tuesday brings the Empire Manufacturing numbers and Wednesday we get January Housing Starts and Building Permits as well as the Minutes from the FOMC Meeting. Thursday will bring news on Initial Claims and the Producer Price Index while on Friday we get the Consumer Price Index.
There are a number of companies still reporting earnings and we may get an opportunity to trade a few of these names this week.
Tuesday: Aaron’s (AAN, $30.22, up $0.24), Abercrombie & Fitch (ANF, $33.85, up $0.85), Domino’s Pizza (DPZ, $11.53, up $0.06), Fossil (FOSL, $34.22, up $0.75), Kraft Foods (KFT, $29.09, up $0.10), Merck (MRK, $36.92, up $0.04), Waste Management (WM, $31.83, down $0.10) and Whole Foods Market (WFMI, $29.75, up $0.54).
Wednesday: Advance Auto Parts (AAP, $42.81, up $0.26), Chesapeake Energy (CHK, $24.96, down $0.17), Deere (DE, $53.11, up $0.79), Hewlett-Packard (HPQ, $48.46, down $0.16), iRobot (IRBT, $15.84, up $0.16), NetApp (NTAP, $31.46, down $0.08), Priceline.com (PCLN, $207.78, down $1.12) and Skechers USA (SKX, $28.16, up $0.59).
Thursday: Apache (APA, $99.58, down $0.24), Barrick Gold (ABX, $36.70, down $0.37), Cabela’s (CAB, $16.86, down $0.14), California Pizza Kitchen (CPKI, $13.73, up $0.01), Dell (DELL, $13.84, down $0.11), DryShips (DRYS, $5.44, down $0.08), First Solar (FSLR, $115.10, up $1.29), Intuit (INTU, $29.39, up $0.21), Key Energy Services (KEG, $10.00, up $0.24) Sycamore Networks (SCMR, $19.91, up $0.11) and Wal-Mart Stores (WMT, $52.90, down $0.18).
Friday: Amerigroup (AGP, $25.43, up $0.10), Brookfield Asset Management (BAM, $21.71, up $0.10), HMS Holdings (HMSY, $46.51, up $0.80), JCPenney (JCP, $24.89, up $0.10) and Penske Automotive (PAG, $15.02, up $0.04).
We will be back in the morning with our trade updates and a fresh outlook. As we head to press, Dow futures are down 17 points.
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