[MARKET UPDATE] – DOW shrugs off 100 point drop and closes at record high

Original Link | RockwellTrading by Markus Heitkoetter

Traders were in for a bumpy ride today!

The indices opened down after rough trading in overseas markets. And the DOW was down 104 points at session lows. But selling only lasted about a half hour before this notorious bull market took over.

By noon, the indices had recovered more than half their losses on the day. And by 3 PM, the S&P and DOWwere nearly flat.

In the end, the S&P and DOW closed higher with new record highs once again. That marks the 52nd record high of the year for the DOW.

The NASDAQ was the only index to finish lower. The index was held back by Apple (AAPL) after reports that Apple cut supplier orders for the new iPhone 8 and iPhone 8 plus. AAPL ended the day with a 2.4% loss.

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Here’s where the major indices ended the day:

• The S&P finished slightly higher. Up less than a point, the S&P ended at 2,562.
• The DOW ended with small gains. Adding just 5 points, the DOW closed at 23,163.
• The NASDAQ was down 0.3%. Dropping 19 points, the NASDAQ finished at 6,605.

Crude Oil (CL) finished the day with a 1.4% loss at $51.53 a barrel.

United Airlines (UAL) dropped 12% on an earnings miss, after losses due to the recent hurricanes. Philip Morris (PM) finished down almost 4% after missing earnings estimates.

Tomorrow morning we’re hearing from General Electric (GE), Proctor & Gamble (PG), and Honeywell (HON). Existing Home Sales will be out at 10:00am ET, and Fed Chair Janet Yellen is set to speak at 7:30pm ET.

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