Stock market closed higher but down weekly

Dow Jones Industrial Averages closed up 141.82 points (+0.69%) at 20,804.84, Nasdaq up 28.57 points (+0.47%), and S&P 500 up 16.01 points (+0.68%). Despite the second day gains for the stock market, it is still below the opening price this week. However, overall the negative sentiment erased and the market might think the issue will recede and the market ready for another bullish leg.

Caterpillar (NYSE: CAT) and General Electric (NYSE: GE) is the top gainer in Dow Jones Industrial Averages. Gaining 2.21% and 2.07% respectively. Deere (NYSE: DE) is among the market movers, advanced 7.3% after reported better than expected earnings & sales.

Russia Probe – first international visit

White House drama slam the market hard this week especially when President Trump fired James Comey earlier this week. On, Thursday Deputy Attorney General Rod Rosenstein appointed Rod Mueller as special counsel to oversee the investigation. The appointment of special counsel boosted the market and reaffirmed confidence in the market. Moreover, published investigation on Friday identified current white house official as a person of interest.

Trump is in flight to Saudi Arabia, making the first visit internationally as President.

The Fed president questioned the need to raise interest-rate

St. Louis Federal Reserve President James Bullard commented the need to increase interest rate next month. He pointed out U.S macroeconomics data which came out since March rate-hike show weaker number. It might be overly aggressive for the Fed to continue on its three rate-hike track.

Next week the market will focus on minutes Federal Reserve latest meeting.

Other market

Crude oil prices attain $50 handle and eke gain of $0.98 to settle at $50.33. On the gold prices, the price claimed $1,250 handle it lost earlier this month and close at $1,255.

U.S dollar index extend losses to close at 97.11, down 0.76 (0.77%) from 97.87. The Index is the biggest loser this week following political shakeout in U.S.

Earnings & corporate report

Foot Locker Inc (NYSE: FL) blamed lag in the income-tax refund to its lower sales. The company reported first-quarter earnings per share of $1.36 vs. $1.38 consensus. Revenue came in at $2 billion vs. $2.02 billion expectation. Shares slid more than 17% after the report and settled the day at -16.65%.

Abercrombie & Fitch (ANF), Best Buy (BBY), Costco (COST), HP Inc. (HPQ), Lowe’s (LOW), Sears (SHLD), and Tiffany (TIF) due to report earnings next week.