Stocks closed the week on a mixed note with the Dow falling 2 points to end at 21,394 on mixed trading volume. The S&P and NASDAQ both traded higher on the day. Energy stocks snapped a 4 day losing streak as energy prices stabilized. For the week the Dow finished flat. For the year the Dow is up 8.2% while the S&P 500 is up about 8.7% as of yesterday.
The Dodd-Frank stress tests out yesterday showed that all 34 big banks passed. The next step in the process comes Wednesday when the Fed will approve or disapprove of each bank’s plans to return capital (aka “moola”, “pecuniary emoluments”, “Grease”) to shareholders. Indications currently show that the largest banks want to return more than 100% of profits.
Boeing continues to climb in value as the 737 MAX series of passenger jets are selling like hotcakes. It appears that Boeing has landed another order of maybe 125 planes from an unidentified buyer for 737 MAX 8 jets. While this latest order has yet to be confirmed it comes on top of the 572 orders it had already received earlier in the show.
Amazon indicated that in its deal to take over Whole Foods it is angling to get into the food distribution business supplying restaurants. Shares of the two big suppliers Sysco and US Foods have fallen hard the last two days as this threat of Amazon entering their “power ally” is causing concern.