MARKET-ALERT – Rumblings Up, Down, and Around Wall Street – Issue #422 – dated February 26, 2017, with Ray Dirks of RAYDIRKS Research and his team of securities analysts and money managers, along with the internationally-followed Web Sites : www.CorporateProfile.com and www.CPreports.com, where Fashion meets Finance, and where Stocks meet Blonds.
Well, well, well… ‘Twas another exciting week for the stock market in the United States last week, as the major averages slipped from their all-time highs the previous Friday, but recovered sharply late Friday afternoon to close at new all-time highs at the very end of the day,
Many of Rumblings’ Top Stocks for 2017 did better than stocks generally, particularly our two largest companies in terms of market capitalization – Apple, Inc, (APPL), which closed at $136.66, and Aflac, (AFL), which closed at $71.71.
We’ll discuss these stocks later in this report, but first, let’s quote from “The Trader” column tomorrow in Barron’s, The Dow Jones Financial and Business Weekly, where the headline reads : “Markets Squeeze Out Gain; Streak Continues”.
The column leads off : “at 3:58 PM on Friday, the Dow Jones Industrial Average was down by 10 points, and its 10-day winning streak looked like it was about to end. But there were two minutes left, and traders made ferocious use of them, lifting the index to its 11th straight gain just before the bell.
Hey, Ted Williams hit a lot of 0-2 counts too.
Both the Dow and the Standard & Poor’s 500 index hit new records. The Dow jumped 198 points, or 1%, to 20,822. The S&P 500 rose 16 points, or 0.7%, to 2,367. The Nasdaq’s rise was more muted, as it closed at 5,845, a 0.1% gain for the week,
Politics did not appear to help. The White House and House Republicans are reportedly at odds on plans to impose a border adjusted tax on imported goods. Infighting could cause a delay in corporate-tax reform, which is one of the underpinnings of the recent rally.
Treasury Secretary Steve Mnuchin said that he expects tax reform to happen by August. Home sales jumped in January. U. S. manufacturing production also showed continued strength, according to new data from Markit. Wal-Mart’s (WMT) earnings beat expectations and the company boosted its dividend – more good news from the retail sector. “The data are providing more evidence of an economic expansion,” says Jason Pride, director of investment strategy at Glenmede Trust.
Investors are always wary that the Fed could spoil the party. But more than half think the central bank will wait to raise rates; just 40% expect a March hike, down slightly from last week.
Rumblings remains bullish on the U.S. stock market as we said earlier in this issue, and we encourage our readers/investors to purchase shares in the two companies we cited above – both of which we continue to think could rise by 25 to 50% in the next 6 to 12 months – Apple, Inc. and Aflac.
Both Apple and Aflac received many favorable mentions in the media last week – especially on the major worldwide TV outlets – CNN, MSNBC, BBC, and Bloomberg – and on widely distributed print outlets – The New York Times, Cox Publications, and some Asian publications.
Rumblings suggests that readers/investors do their due diligence, consult with their investment advisers, and then purchase shares in Apple and Aflac around the current price level.
Rumblings also suggests that readers/investors place no more than 1% of the funds they devote to common stocks in the securities of any one company. It pays to diversify…!
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