Original Link | RockwellTrading by Markus Heitkoetter
This morning stocks opened higher on tax reform hopes and strong retail sales.
A vote on tax reform could come as soon as tomorrow. And numbers from Cyber Monday revealed that yesterday was the biggest shopping day in U.S. history with $6.59 billion in sales.
But the major indices really started to take off after 10am ET when Consumer Confidence numbers were released and newly elected fed chair Jerome Powell was sworn in.
Consumer Confidence increased for the fifth month in a row and is at a 17-year high. And Powell’s comments made it clear that he doesn’t plan to make any major changes to central bank policy. The markets cheered the news (especially the banking sector), and the DOW was up as much as 190 points at the high.
But then a little after 1:00pm ET, news broke that North Korea launched a missile that landed in the ocean near Japan. With renewed concerns over North Korea, the DOW dropped 120 points in a matter of minutes.
Although the markets were rattled after the missile launch, stocks bounced right back and finished near session highs. After a wild ride, the major indices all ended at new record highs. To say it was a wild day would be an understatement!
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Here’s where the major indices ended the day:
- The S&P finished 1.0% higher. Up 26 points, the S&P ended at 2,627.
- The DOW ended with a 1.1% gain. Adding 256 points, the DOW closed at 23,837.
- The NASDAQ was up 0.5%. With a 34 point gain, the NASDAQ finished at 6,912.
Crude Oil (CL) finished 0.2% lower at $57.97 a barrel. With Crude Oil Inventories and OPEC Meetingstomorrow, it looks as though Crude Oil traders are being cautious.
Roku (ROKU) was in the spotlight again today. But this time it was because activist short seller Andrew Left of Citron Research called the hot IPO a ‘total joke.’ ROKU doubled this month after strong earnings, but finished lower by 0.2% today.
In other news, Roark Capital Group agreed to buy Buffalo Wild Wings (BWLD) for $2.4 billion, sending the stock higher by 6.3%.
Bitcoin made new record highs and approached the $10,000 mark today. With a market cap of almost $165 billion, bitcoin now has a market cap that is bigger than IBM and Pepsi. In fact, Bitcoin’s market cap is bigger than the GDP of 135 countries!
Tomorrow will be a busy day. We have Preliminary GDP at 8:30am ET, Fed Chair Yellen Testifying and Pending Home Sales at 10:00am ET, and Crude Oil Inventories at 10:30am ET.
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