A New High For 2005!
Stocks soared Friday in the wake of a bullish economic growth report and favorable inflation data. The S&P 500 posted a new high for the year, climbing 11 points to 1,211, while the Dow Jones Industrial Average was up 92 points at 10,841 and the NASDAQ added 13 points to finish at 2,065.
The Commerce Department said the U.S. economy grew at a 3.8% annual rate in the fourth quarter, stronger than the 3.1% estimated a month ago, and that announcement helped the market overcome a shaky start with investors pouring in new cash as the session came to an end. Looking forward, analysts said the focus will shift to additional economic data set for release next week including reports on February employment and Chicago-area manufacturing.
As of Friday's close, the OW portfolio is in great shape, comfortably meeting the monthly objective with potential gains of $700 on $11,700 (initially) invested. While there will be no new positions offered in the model portfolio, we will provide a list of supplemental plays for readers with additional trading capital.