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Surging Oil Price Caps Bullish Sentiment


The Market Wrap for April 20: Surging Oil Price Caps Bullish Sentiment

Asif Imtiaz Apr 20, 2018

The week started with the Dow surging to impress investors, but increasing oil prices prompted investors to worry about the Q2 economic growth that capped the bullish momentum by midweek.

It is perhaps a good thing that investors are increasingly focused on Q1 corporate earnings and not paying much attention to the trade war rhetoric. In fact, they seem to be actually appreciating American involvement in Syria as the Dow gained over 400 points early in the week.

However, mixed retail sales data along with an increasing WTI oil price kept the bullish momentum in check later in the week as the Dow lost a ground on Wednesday.

In the end, most corporate earnings turned out with pretty good bottom lines and kept investors optimistic, but there were subtle hints of a slowing economy and we won’t be surprised if the GDP estimates for Q2 soon take a hit.

Be sure to check out our market wrap edition of April 6 here, in which investors focused on the increased volatility as Beijing announced its intention to put tariffs on 128 American-made products.

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