The S&P 500 was on track for a weekly gain of 1% in afternoon trading Friday, while the Dow added 1.7% and the Nasdaq Composite climbed 0.4%. Nasdaq-100 and technology-sector ETFs continue to be weighed down by the decline in Apple (NasdaqGS: AAPL) shares. [Nasdaq ETF Lagging S&P 500 on Apple Wipeout]
Meanwhile, volatility-linked products such as iPath S&P 500 VIX Short Term Futures ETN (NYSEArca: VXX) dropped to new all-time lows this week as investors grow more confident in the stock rally. VXX was on track for a weekly decline of nearly 5%.
Looking ahead to a busy next week, investors will get economic reports on durable goods orders, pending home sales, housing prices, consumer confidence, and personal income and spending. Also, on Wednesday the markets will get a report on fourth-quarter GDP and the Federal Reserve announcement. The January employment report crosses on Friday.
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Full disclosure: Tom Lydon’s clients own GLD.