U.S. stocks closed out their fifth straight week of gains, their best winning streak since October 2015, on Friday. The S&P 500 and Dow are now both positive for 2016 despite suffering their worst start to a year ever. Crude reversed direction in the afternoon session following an increase in the number of active oil rigs in the U.S. The weekly read increased for the first time this year. Crude closed below $40, though was up nearly seven percent for the week. Casino stocks jumped after Macquarie Research upgraded the sector to NEUTRAL on the calculation revenue declines in key gambling destination Macau are beginning to taper. Melco Crown (MPEL) , Wynn Resorts (WYNN) , and MGM (MGM) closed higher.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.