Major US stock indices start the week with solid gains

The major US stock indices started the week with solid gains. The Dow 30 rose by 1.24%. The Russell 2000 was the biggest gainer with a rise of 1.85%.

A snapshot of the closing levels shows:

• Dow rose 537.98 points or 1.24% at 44025.81
• S&P index rose 52.58 points or 0.88% at 6049.24.
• NASDAQ index rose 126.58 points or 0.64% at 19756.78.
• Russell 2000 rose 42.08 points or 1.85% at 2317.968. Last Wednesday the index rose by 1.985%, and for the year the index is now up 3.937%, which outpaces the other major indices.

After the close, earnings for Netflix, United Airlines, Seagate, and Interactive Brokers at all beat on the top and bottom lines (See post here).

A laggard today was Apple on downgrades ahead of their earnings which will be released on January 30. Shares fell by -$7.34 or -3.19%. Meanwhile, Nvidia shares rose by $3.12 or 2.27% to $140.83 making Nvidia the largest market capitalized firm at $3.45 trillion. Apples market capitalization is now at $3.35 trillion.

Shares of Oracle surged by $11.54 or 7.17% to $172.57. Shares of Oracle rose above its 100-day moving average of $170.50. On the shorter-term chart they rose above its 200 hour moving average at $168.44. Technically those levels represent the risk for buyers in the short-term. Staying above is more bullish technically.

Pres. Trump is expected to announce a multibillion-dollar AI infrastructure joint venture deal which includes Oracle, OpenAI and Softbank.

This article was written by Greg Michalowski at www.forexlive.com.