Tech stocks all the rage on Wall Street, Nasdaq gains more than 2%
- U.S. stocks rose sharply on Friday despite weak economic data.
- The moves on Wall Street mirrored those around the world, as stock indices in general recorded solid gains.
- The U.S. Department of Commerce said U.S. retail sales were largely unchanged in April, following a revised 10.7-percent gain in March.
NEW YORK, New York – U.S. stocks rose sharply on Friday despite weak economic data. The moves on Wall Street mirrored those around the world, as stock indices in general recorded solid gains. The U.S. dollar was sold off. The U.S. Department of Commerce said U.S. retail sales were largely unchanged in April, following a revised 10.7-percent gain in March. Analysts were expecting a 1 percent improvement. The U.S. Federal Reserve reported that total industrial production rose 0.7 percent last month, significantly below the 2.4 percent achieved in March, and significantly below expectations. U.S. Consumer Sentiment disappointed with a reading of 82.8, while inflation expectations surged to 4.6%. Meantime both U.S. import and export prices increased in April, the U.S. Department of Labor said on Friday. The price index for U.S. imports rose 0.7 percent in April following a 1.4-percent advance in March. U.S. import prices advanced 10.6 percent from April 2020 to April 2021, the biggest yearly rise since an 11.1-percent gain in the year ending October 2011. U.S. export prices rose 0.8 percent in April, after increasing 2.4 percent in March. The price index for U.S. exports has not recorded a monthly decline since a 3.5-percent drop in April 2020. The price index for U.S. exports rose 14.4 percent for the year ending in April, the largest 12-month increase since the index was first published in September 1983. At the close on Friday, the Nasdaq Composite was ahead 304.99 points or 2.32 percent at 13,429.98. The Dow Jones industrials added 360.68 points or 1.06 percent to 34,382.13. The Standard and Poor’s 500 gained 61.35 points or 1.49 percent to 4,173.85. Nick Note: You will not come this way again. Try NEVER again Its a force closed economy that is about to boom. . And the volatility is a GREAT part of the game. Until you embrace that the market will swing against you and to love your loses you will not succeed. One you understand you can not trade the swings But you have to grit your teeth and stand the pain them the market will make you truly wealthy. In our CFD account at one point this trade cycle we were making close to a million dollars and most recently was losing close to two million. As of Fridays close those loses were around 560,000. But we rode down the 8% correction we predicted and rode up from the bottom we called at the 13,000 level. in fact we added even more positions. For those of you that got involved in forced liquidation let me explain. I much have 25 positions at 13,000 then 50 positions at 14,000. A lot of people after a whipping tend to want to make their cushion bigger and trade less aggressive.. A BIG mistake. After a big drop the cushon should be greatly reduced and one should buy aggressively. All the scaredey cats and weak traders have been eliminated… thats how market works.