Original Link | RockwellTrading by Markus Heitkoetter
Stocks started the day with gains. But it was the House of Representatives passing a budget resolution that really moved the markets.
The $4.1 trillion budget agreement slashes spending for the next ten years and paves the way for tax reform.
Today’s rally helped the S&P finish higher for the eighth day in a row, the longest winning streak in last four years. And with today’s record close, the S&P has finished with new records for 6 days straight. This is the longest record-breaking streak since 1997!
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The NASDAQ is also on an impressive 8-day win streak and the DOW is up for 7 days straight.
But the major indices aren’t alone with their records. The VIX (aka Fear Index) finished at a new record low for the first time since 1993.
Here’s where the major indices ended the day:
- The S&P finished with a 0.2% gain. Up 5 points, the S&P ended at 2,535.
- The DOW ended 0.4% higher. Adding 84 points, the DOW closed at 22,642.
- The NASDAQ was up 0.2%. With a 15 point gain, the NASDAQ finished at 6,532.
Crude Oil (CL) was quiet going into the trading session. But reports of output cut extensions from OPEC producers led to a strong rally. Crude Oil finished the day with a 1.6% gain and closed at $50.78 a barrel.
Netflix (NFLX) was in the news today after the company announced that it will raise prices on two memberships. NFLX finished the day with a 2.9% gain.
Tomorrow all eyes are the Jobs Report at 8:30am ET..
Here is a breakdown of the report and other key items on the economic calendar: Average Hourly Earnings, Non-Farm Employment Change, and Unemployment Rate at 8:30am ET followed by FOMC Member Dudley Speaking at 12:15pm ET, and FOMC Member Kaplan Speaking at 12:45pm ET.
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