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Jan 29 2016

Wall St jumps on Bank of Japan move

Market Recap 1/28/16:

U.S. stocks rallied on Thursday, jumping on the back of a rally in energy shares, as well as blockbuster results from Facebook (FB). Though the day’s move was to the upside, volatility remains high, and the recent whipsawing has many investors concerned. If that includes you, we encourage you to listen to our weekly radio program, Money Matters with Gary Goldberg – click here for stations and show times. And if you have accounts that aren’t being managed by Gary Goldberg Financial Services, ask for a no-cost, no-obligation portfolio evaluation to review the levels of risks you are exposed to.

The day’s gains were driven by speculation that Saudi Arabia and other OPEC countries would cut their oil production, a move that would address the persistent oversupply issues that have decimated crude oil prices over the past several months. Oil has fallen to multi-year lows of late, and many investors are concerned that persistently low prices could signal a broader economic slowdown. Also boosting sentiment on Thursday was Facebook, which reported massive growth in its earnings and revenue, sending shares sharply higher. The report was one of the standouts of the fourth-quarter earnings season, and contributed to outsized gains in tech shares.

Looking ahead:

U.S. stock index futures jumped on Friday after Japan’s central bank unexpectedly pushed its interest rates into negative territory, in an attempt to stimulate the country’s flagging economy. The news was taken as a sign that global central banks will remain aggressive in supporting the economy, which could help offset fears over slowing growth in China. Japan’s move comes a couple days after the U.S. Federal Reserve said it would hold steady with its plan to raise interest rates four times in 2016, which concerned investors about the amount of support U.S. markets would receive in an uncertain environment. In earnings news, Microsoft (MSFT) rose following its quarterly results, while Amazon (AMZN) fell sharply. Don’t miss this week’s Money Matters with Gary Goldberg, where the guest will be “Johnny Anonymous,” a football player and author of the book NFL Confidential. For stations and air times, please click here. Visit our website at www.ggfs.com for more details, including for a free, no-obligation portfolio evaluation.