Nasdaq Up, Intel Breaks Out; Why It’s Too Early To Buy Back Bitcoin | Stock News & Stock Market Analysis

The Nasdaq composite paced a fourth straight weekly gain for the major equity indexes Friday as investors shrugged off a lower than expected initial print on U.S. GDP (up 2.6%, below the 2.9% Econoday forecast) and some concerns on the future of President Trump’s “America First” trade policy.

X Meanwhile, Bitcoin Investment Trust (GBTC) cleared showed that it’s still in deep hibernation mode. The popular Bitcoin-tracking closed end fund pulled below its key 10-week moving average for the second straight week after topping out at 3,522 last month.

While Bitcoin Investment Trust saw very dull volume, shares still dropped 2.4% to 1,645 and lost nearly 7% for the week. The weak action is not surprising given that in December, Bitcoin showed the same type of climax top action witnessed during the end of the dot-com boom in late 1999.

A big post-earnings gain of nearly 11% for Intel (INTC) helped hoist the Nasdaq composite to a 1.3% gain on Friday, taking shares in the chipmaking giant on its second breakout attempt past a 47.40 buy point in a six-week cup. Notice how the cup base showed lopsided action, a flaw. However, the big gap up on Friday, paired with a 166% increase in volume vs. the prior 50 trading sessions, completely changed the complexion of the Santa Clara, Calif., tech firm.

Intel posted a second quarter in a row of accelerating profit growth. Earnings in Q4 rose 37% to $1.08 a share, up from increases of 22% and 26% in the prior two quarters. Sales picked up 4% to $17.05 billion, boosted in part by hot demand for datacenter chips.

The S&P 500 was not far behind, racing almost 1.2% higher. The Dow Jones industrial average, which also counts Intel among its 30 components, rose nearly 0.9% as least 11 of the 30 names gained 1 point or more. Volume rose on the Nasdaq vs. Thursday and dipped on the NYSE, according to early data.

The Russell 2000 rallied 0.4%.

The Dow transports also joined the fairly broad advance, rising 1.1%. But at 11,125, the sector index still lost 1.6% for the week.


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Originally posted 2018-01-27 02:59:15.


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