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Stock Market Update Wednesday, October 31st, 2018

Stocks finished higher for the 2nd day in a row today.

An overnight rally put the major indices in a nice position at the open. With a late morning move and another push higher in the afternoon, the major indices were up almost 2.0% across the board.


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But the rally lost some steam in the last hour of trading, and the major indices finished the day right around where things opened with gains of 1.0%-2.0%.

Back-to-back wins have been nice. But it was a pretty lousy month for stocks.

Wrapping up October, the S&P lost 6.9%, the DOW was down 5.1%, and the NASDAQ ended the month with a loss of 9.2% – the worst monthly loss for the NASDAQ since 2008!


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Here’s where the major indices ended the day:

  • The S&P finished with a 1.1% gain. Up 29 points, the S&P ended at 2,712.
  • The DOW ended higher by 1.0%. Adding 241 points, the DOW closed at 25,116.
  • The NASDAQ was up 2.0%. With a 144 point gain, the NASDAQ finished at 7,306.
  • Bitcoin finished higher by 0.9%. Up $55, Bitcoin ended at $6,290.

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Crude Oil (CL) finished lower for the 3rd day in a row. Down 1.3%, CL finished at $65.31 a barrel. Today’s Crude Oil Inventories came in pretty much as expected with U.S. stockpiles seeing a 3.2 million barrel increase (vs. a 3.6 million forecast).

The rally in Facebook (FB) continued today, with the stock finishing the session with a 3.8% gain. Yesterday’s earnings release showed better than expected earnings, but slightly lower revenue.

eBay (EBAY) was an earnings winner as well, up 5.9% on numbers that were in-line with expectations. General Motors (GM) crushed it, rallying 9.1% after better than expected earnings. But they weren’t all earnings wins…Kellogg (K) was hammered with an 8.9% loss after some disappointing numbers.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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