Original Link | RockwellTrading by Markus Heitkoetter
It was another historic day for Wall Street. The DOW and S&Pfinished at record highs and the DOW traded above 23,000 for the first time ever.
But it’s hard to get too excited about recent records since they’re pretty much expected these days!
The DOW closed at a record high for the 50th time this year. And trading ranges are getting smaller. In fact, the S&P spent most of the session in just a 4-point range before closing at record highs.
Traders were hoping that reports of a short-term plan by U.S. Senators to stabilize ObamaCare marketswould help move the markets. The news helped health care stocks, but overall the reaction was muted.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.1% gain. Up 2 points, the S&P ended at 2,559.
- The DOW ended 0.2% higher. Adding 40 points, the DOW closed at 22,997.
- The NASDAQ was flat. Down less than half a point, the NASDAQ finished at 6,623.
Crude Oil (CL) finished just below the $52 barrel mark today. Ending the session flat, CL closed at $51.87 a barrel.
Big names like Goldman Sachs (GS) reported earnings today. However, GS finished 2.6% lower in spite of better than expected quarterly results.
Johnson & Johnson (JNJ) also beat third-quarter analyst expectations and rallied on the news. Finishing 3.4% higher, JNJ helped the DOW led the major indices today.
After last night’s earnings release and after-hours rally, all eyes were on Netflix (NFLX). Netflix rallied to record highs during the session. But it looks like better than expected earnings and today’s rally was just an excuse for traders to take profits after NFLX ended the day with a 1.6% loss.
The economic calendar picks up tomorrow with Building Permits and Housing Starts at 8:30am ET and ICrude Oil Inventories at 10:30am ET.