Stocks kicked off the week with a bang. Rallying overnight, the major indices started the day at record highs.
Trading was quiet and sideways for most of the day, but it didn’t matter. With a strong start and rally in the morning, the S&P, DOW, and NASDAQ were all trading at new records by the end of the day.
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Here’s where the major indices ended the day:
- The S&P finished 0.5% higher. Up 14 points, the S&P ended at 2,690.
- The DOW ended with a 0.6% gain. Adding 140 points, the DOW closed at 24,792.
- The NASDAQ was up 0.8%. With a 58 point gain, the NASDAQ finished at 6,995.
Crude Oil (CL) opened higher but retreated late in the session. Down 0.2%, CL finished the day at $57.22 a barrel.
Remember that stock LFIN that we mentioned?
LongFin Corp (LFIN) went public on Wednesday. It hit a low of $4.69 and then soared on Friday after buying a crypto solutions provider Friday (closing at $24.25). Today the stock traded at $129 before getting halted (on 3 separate occasions) and finishing the day at $72.38, up 198% in one day!
Here’s are some other stocks going crazy because of their crypto connections: OTIV, GBTC, UBIA, SIEB, RIOT, SSC, OTSK.
In stock news, Campbell’s Soup (CPB) is set to acquire Snyder’s-Lance (LNCE) at $50/share. And Penn National Gaming (PENN) is buying Pinnacle Entertainment (PNK) in a $2.8 billion deal. Today PENN closed 2.2% lower, while PNK was up 0.8%.
CEO Hunter Harrison of CSX Corporation (CSX) died on Saturday after falling very ill last week. The stock dropped almost 8.0% on Friday as anxious investors digested the news, but bounced a little today closing 1.2% higher. Akamai (AKAM) soared 13.6% after a stake by Elliot Management and speculation that the company will be bought. Twitter (TWTR) soared 11% today after catching an upgrade from Summit Redstone.
Looking at the economic calendar we have Building Permits & Housing Starts at 8:30am ET. But with the tax bill set to be finalized tomorrow, all eyes will most likely be on Congress.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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