Original Link | RockwellTrading by Markus Heitkoetter
The major indices continued their record run today with both the DOW and S&P making new record highs today.
But the real mover was the DOW.
Yesterday, International Business Machines (IBM) reported better than expected earnings after the bell. And today, IBM surged higher and finished with an 8.9% gain. IBM’s impressive move helped lead the DOW higher. And with a new record close, the DOW has now finished with 51 record closes this year.
Aside from record highs, there wasn’t much to get excited about today. Volatility remains low and the indices continue to trade in small ranges. After hitting record highs near the open, the S&P just couldn’t break out of a 4.5 point range.
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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 2,561.
- The DOW ended 0.7% higher. Adding 160 points, the DOW closed at 23,157.
- The NASDAQ was flat. Up just a half a point, the NASDAQ finished at 6,624.
Crude Oil (CL) finished higher by 0.3% and ended the day at $52.25 a barrel. Today’s Crude Oil Inventoriesshowed that U.S. stockpiles decreased for the fourth straight week. Weekly inventories showed a 5.7 million decline vs. the 4.7 decrease expected.
Today American Express (AXP) announced that CEO Ken Chenault will retire effective February 1, 2018. The announcement came after the close. And Ebay (EBAY) is down 5% in after-hours trading after reporting quarterly results.
Tomorrow Verizon (VZ), Philip Morris (PM), and Travelers (TRV) are set to report earnings before the bell. And so far third quarter earnings have been great. According to Bloomberg, 80% of the 52 S&P 500 companies that have reported have beat analyst forecasts.
Looking at tomorrow’s economic calendar we have Unemployment Claims and Philly Fed Manufacturing Index at 8:30am ET.