The major indices began the day slightly higher after China pledged more fiscal stimulus to stabilize their slowing economy. The rally continued in early trading but right around 10:00am stocks pulled back.
Trading was sideways until a lunch rally pushed the major indices to session highs.
Then around 2pm ET, the major indices pulled back again after British Parliament voted overwhelmingly against Prime Minister Theresa May’s Brexit deal.
But the dip didn’t last for long, especially since traders weren’t expecting much from the vote. The major indices bounced right back and finished the day near session highs.
Today’s move helped the major indices close above some key numbers. The S&P is back above 2,600, the DOW is trading above 24,000 again, and the NASDAQ has cleared 7,000.
These are numbers we haven’t seen in over a month!
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Here’s where the major indices ended the day:
- The S&P finished with a 1.1% gain. Up 28 points, the S&P ended at 2,610.
- The DOW ended higher by 0.7%. Adding 156 points, the DOW closed at 24,066.
- The NASDAQ was up 1.7%. With a 118 point gain, the NASDAQ finished at 7,024.
- Bitcoin finished lower by 2.7%. Down $100, Bitcoin ended at $3,545.
Crude Oil (CL) rallied most of the day, snapping a 2-day losing streak. Up 3.0%, CL ended at $52.03 a barrel.
Earnings were slightly weaker than expected from JPMorgan (JPM) and Wells Fargo (WFC). JPM shook off early losses but finished the day with a 0.7% gain. While WFC closed with a 1.6% loss.
Netflix (NFLX) announced the biggest subscription increase ever by raising subscription prices by as much as 18%. The company plans to provide more original content with the extra revenue. Traders seemed okay with the increase, considering the stock jumped 6.5%.
The focus on earnings will continue tomorrow, with Bank of America (BAC), BlackRock (BLK), Goldman Sachs (GS), PNC Financial (PNC) and U.S. Bancorp (USB) reporting before the open.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
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Source: RockwellTrading by Markus Heitkoetter | Original Link