[MARKET UPDATE] – DOW surges on strong earnings

Original Link | RockwellTrading by Markus Heitkoetter

All eyes were on the DOW today.

After solid earnings from Caterpillar (CAT), 3M (MMM),McDonald’s (MCD), and United Technologies (UTX), the index skyrocketed. The DOW was up over 200 points at highs of the day before finishing with a 168 point gain.

But the DOW was on its own today.

While the DOW was off to the races, the S&P and NASDAQ traded in a tight range. The S&P stayed in a six-point range between a high of 2572 and a low of 2566 for most of the day. After a move higher in the morning, stocks started to sell off in the afternoon due to some political uncertainty.

Republican Senator Jeff Flake from Arizona made an emotional speech this afternoon on the Senate Floor. Trump’s latest Twitter attack on Senator Bob Corker seemed to inspire the rant from Senator Flake, in which he denounced Trump’s latest acts. The Senator also announced that he won’t be seeking re-election. Trump had referred to Senator Corker as “liddle Bob”, saying he was incompetent and has “set the US way back.”.

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Here’s where the major indices ended the day:

• The S&P finished 0.2% higher. Up 4 points, the S&P ended at 2,569.
• The DOW ended with a 0.7% gain. Adding 168 points, the DOW closed at 23,442.
• The NASDAQ was up 0.2%. With a 12 point gain, the NASDAQ finished at 6,598.

Crude Oil (CL) finished the day higher by 55 cents (+1.1%) at $52.45 a barrel. The Saudi Oil Minister said his country would do “whatever it takes” to get crude oil inventories back to their five year average.

Chipotle (CMG) is down about 7% in light after hours trading after missing quarterly estimates. The stock has been a huge laggard this year while it tries to rebuild its reputation after the E-Coli outbreaks last year. Whirlpool (WHR) dived over 10% after raising concerns about rising costs in its latest earnings call. Sears also announced it will stop selling Whirlpool, ending a 100-year relationship.

Tomorrow morning we’ll hear from Boeing (BA) and Visa (V). Looking at the economic calendar we have Durable Goods Data at 8:30am ET, New Home Sales at 10:00am ET and Crude Oil Inventories at 10:30am ET.

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