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Market Digest Nigeria

Business

International Stock Market Outlook for JANUARY 17, 2017

Internationally, Stocks closed moderately higher on Friday, although the Dow Jones Industrial Average ended in the red as the 20,000 level remains elusive. Financials topped the leaderboard as investors reacted mildly positive to earnings from Bank of America, JP Morgan, and Wells Fargo. Despite the gains, the KBW bank index still appears stalled around last year’s highs; momentum indicators continue to point lower. The same can be said of the S&P 500 Index, which continues to hold below short-term resistance around 2275, consolidating the gains from the post-election rally. Volume around these all-time highs is running around 20% to 30% less than the 10-day average volume recorded in the middle of December. Clearly, a catalyst is needed to fuel the next move in the large-cap benchmark. Earnings season continues in the week ahead, providing investors with plenty of data to trade against.

Stocks Entering Period of Seasonal Strength Today:

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