It was another volatile trading session.
Stocks were up and down all day long. Trading around Friday’s close, the major indices were desperately trying to find some sense of direction.
But after a choppy day of trading, the major indices finally made a move and headed south into the close.
With today’s loss, the S&P closed below its 200-day moving average. The index has finished lower 7 out of the last 8 trading sessions.
Although the S&P and DOW flirted with breakeven for most of the day, the NASDAQ struggled from the get-go. Down 0.9%, the NASDAQ led the major indices with a 0.9% loss.
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Here’s where the major indices ended the day:
- The S&P finished 0.6% lower. Down 16 points, the S&P ended at 2,751.
- The DOW ended with a 0.4% loss. Dropping 89 points, the DOW closed at 25,251.
- The NASDAQ was down 0.9%. With a 66 point loss, the NASDAQ finished at 7,431.
- Bitcoin finished 3.2% higher. Up $195, Bitcoin ended at $6,385.
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Crude Oil (CL) managed to end the day higher. Up 0.7%, CL finished at $71.84 a barrel.
In earnings news, Bank of America (BAC) reported better than expected earnings but finished the day with a 1.9% loss. Charles Schwab (SCHW) was also lower, in spite of earnings that were in-line with expectations. Schwab ended the day with a 2.8% loss.
Sears Holding (SHLD) filed for Chapter 11 bankruptcy this morning and lost 23.8% (now trading at $0.31 a share). The filing was pretty much expected. The 130-year-old company became a household name with its Sears catalog and 3,5000 stores. Now the company has only 695 stores, with plans to close another 142 by the end of the year.
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Source: RockwellTrading by Markus Heitkoetter | Original Link