Trading was a little rocky leading up to the 4th of July holiday.
But a little break and some fireworks (that weren’t market-related), was all stocks needed!
Stocks opened strong today. The major indices pulled back in the morning, then right around 11am ET, stocks turned on a dime.
In the afternoon traders had last month’s Fed Meeting Minutes to digest but the minutes didn’t reveal any major surprises.
There was small sell-off after the minutes, but the major indices turned again and finished the day near session highs.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.9% gain. Up 23 points, the S&P ended at 2,737.
- The DOW ended 0.8% higher. Adding 182 points, the DOW closed at 24,357.
- The NASDAQ was up 1.1%. With an 84 point gain, the NASDAQ finished at 7,586.
- Bitcoin ended 2.4% lower. Dropping $160, Bitcoin is trading at $6,505.
Crude Oil (CL) finished lower today. With a 0.2% loss, CL ended at $73.98 a barrel. Today’s Crude Oil Inventories showed a 1.2 million barrel increase in U.S. stockpiles compared to the 4.4 million barrel decrease that was expected.
As far as trade news goes, it sounds like the U.S. and European Union are working on a way to eliminate tariffs on auto imports. But trade between China and the U.S. is still in question, with tariffs on $34 billion worth of Chinese goods set to go into effect tonight at midnight.
Tomorrow traders will have their eye on the Jobs Report released at 8:30am ET.
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Source: RockwellTrading by Markus Heitkoetter | Original Link