US stocks close sharply higher with the S&P index closing at a new record level and above the 4800 level. The NASDAQ index led the way.

For the week, the major indices all closed higher for the 2nd consecutive week after sharp declines in week 1 of the 2024 trading year.

The final numbers are showing:

  • Dow Industrial Average rose 395.19 points or 1.05% at 37863.83
  • S&P index rose 58.87 points or 1.23% at 4839.82
  • NASDAQ index rose 255.31 points or 1.70% at 15316.96

Small-cap Russell 2000 got involved as well with a 20.73 point rise or 1.08% at 1944.39.

For the trading week, the major indices all closed higher led by the NASDAQ:

  • Dow Industrial Average +0.72%
  • S&P index rose 1.17%
  • NASDAQ index rose 2.26%

For the first 3-weeks of the new trading year, all three major indices are now higher after the sharp fall in the 1st calendar week:

  • Dow Industrial Average is up 0.46%
  • S&P index is up 1.47%
  • NASDAQ index is up 2.0%

How are the Magnificent 7 doing in the first three weeks of the trading year?

  • Nvidia up 20.15%
  • Meta-+8.33%
  • Apple -0.51%
  • Alphabet +4.79%
  • Microsoft +6.02%
  • Amazon +2.23%
  • Tesla -14.60%

Next week, the earnings for the fourth quarter start to kicking with some large-cap movers. Below is a sampling of some of those earnings releases:

Monday, January 22

  • United Airlines
  • Logitech

Tuesday, January 23

  • Verizon
  • 3M
  • GE
  • Johnson & Johnson
  • Halliburton
  • Procter & Gamble
  • Netflix
  • Intuitive Surgical
  • Texas Instruments

Wednesday, January 24

  • AT&T
  • Tesla
  • IBM
  • servicenow
  • Lam Research

Thursday, January 25

  • American Airlines
  • Southwest Airlines
  • Dow
  • Intel
  • Visa
  • T-Mobile

Friday, January 26

  • American Express
  • Colgate-Palmolive

Looking at next week's economic calendar, key events and releases include:

Tuesday:

  • Bank of Japan interest-rate decision

Wednesday:

  • New Zealand CPI quarter on quarter 0.5% expected reaches 1.8% last quarter
  • Germany, France, UK flash manufacturing and services PMI data
  • Bank of Canada interest-rate decision. No change expected
  • US flash manufacturing and services PMI

Thursday

  • ECB rate decision. No change expected
  • US advanced GDP. 2.0 expected. Atlanta Fed GDPNow estimate 2.4%
  • US unemployment claims

Friday

  • US PCE data