Investment Commentary – April 25th, 2017

Market Indices as of Market Close April 25th, 2017
Dow 20,996 (6.24% YTD)
S&P 2,388 (6.69% YTD)
NASDAQ 6,025 (11.93% YTD)
Gold $1,265 (9.33%)
OIL $49.70 (-12.04%)
US 10Y Treasury 2.33 (-11.29%)
Barclay Bond Aggregate (1.60% YTD)

The Nasdaq just set a major stock-market milestone
Nasdaq hits 6,000-level as U.S. stock investors cheer upbeat corporate earnings
The Nasdaq Composite COMP, +0.70% touched an intraday record of 6,036.02, ultimately, closing up 0.7% at 6,026, marking a 4,308-trading-session stretch since it moved from one 1,000-point milestone to the next, according to Dow Jones data. That represents the index’s longest gap between milestones since 1995, when the tech-laden benchmark took 24 years, or 6,171 trading sessions, to reach 1,000. Overall, it has taken the Nasdaq 46 years since its inception in 1971 to hit 6,000.
“Tech is so strong this year as the cloud

[storage technology] is driving more and more of the earnings within the Nasdaq index and it’s a growth area that’s expected to continue,” said Chris Zaccarelli, chief investment officer of Cornerstone Financial Partners

This week’s leaders include technology, industrial goods, financials and healthcare. Laggards include utilities.

Market moving headlines
Thursday: Durable goods orders, U.S. Census Bureau; pending home sales, National Association of Realtors
Friday: First-quarter U.S. GDP, advance estimate, U.S. Bureau of Economic Analysis; University of Michigan Index of Consumer Sentiment
U.K. ELECTION: The value of the British pound surged on Tuesday after Prime Minister Theresa May surprised many political analysts by calling for a national election to be held in June. Recent public opinion polls have indicated that May’s Conservative party has a strong lead over rival parties.
EARNINGS DOUBTS: Disappointing earnings results from a handful of big companies weighed on stocks on Tuesday and Wednesday as the Dow posted declines of 114 points and 119 points, respectively.
EUROPEAN MOMENTUM: Economic growth in Europe is picking up after a long period of slow progress, according to survey results released on Friday. A purchasing managers’ index for the countries that use the euro currency climbed to the highest level in six years, led by gains in Germany and France.
GOLD GLITTERS: Gold prices topped $1,290 per ounce, the highest level in six months, in intraday trading on Monday and Tuesday. Year to date, gold prices have risen more than 11%.

THIS DAY IN FINANCAL HISTORY: April 24th, 1899 Violence Takes Over In U.S. Mines
On this day in Wardner, Idaho a strike by mine workers to get a pay raise to $3.50 per day turned violent, resulting in $250,000 of damaged and destroyed property.

The views presented are not intended to be relied on as a forecast, research or investment advice and are the opinions of the sources cited and are subject to change based on subsequent developments. They are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investments.