Today it was all about Apple, trade talks with China, and Hurricane Florence.
Stocks got off to a rocky start this morning with the major indices dropping right after the open.
Then after a brief move sideways, stocks jumped on reports that the U.S. reached out to China in an effort to resume trade talks.
The S&P rallied almost 10 points in 10 minutes on the news. Which was pretty significant since the S&Pstayed in a 15 point range for the entire day.
After the quick rally, trading was pretty choppy for the remainder of the day. And at the end of the session stocks were mixed.
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Here’s where the major indices ended the day:
- The S&P finished flat. Down a point, the S&P ended at 2,889.
- The DOW ended with a 0.1% gain. Adding 28 points, the DOW closed at 25,999.
- The NASDAQ was down 0.2%. Lower by 18 points, the NASDAQ finished at 7,954.
- Bitcoin added 1.4%. Up $85, Bitcoin ended at $6290.
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Crude Oil (CL) had another big day on supply concerns due to Hurricane Florence. Up 1.6%, CL finished at $70.36 a barrel, its best close since early July. Today’s Crude Oil Inventories showed a 5.3 million barrel decrease in U.S. stockpiles compared to the 1.3 million barrel drop expected.
Taking a closer look at Apple (AAPL), Apple unveiled 3 new iPhones: the iPhone XS, the XS Max and iPhone Xr. Apple also unveiled a new Apple Watch. Traders weren’t too impressed with the news, or maybe they were taking profits by selling the news since Apple ended the day with a 1.2% loss.
Source: RockwellTrading by Markus Heitkoetter | Original Link