Stocks opened higher but just couldn’t hold onto early gains.
Ending the day with losses across the board, the major indices closed lower for the second time in two days.
Once again the tax reform was on everyone’s radar.
Last night the Senate passed the tax reform bill. And today the House revoted and approved the bill as expected. The bill now goes to President Trump. So tax reform is essentially a done deal, even though the President signing the bill might take another week or so before things are official.
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Here’s where the major indices ended the day:
- The S&P finished 0.1% lower. Down 2 points, the S&P ended at 2,679.
- The DOW ended with a 0.1% loss. Dropping 28 points, the DOW closed at 24,727.
- The NASDAQ was flat. With just a 3 point loss, the NASDAQ finished at 6,961.
- Bitcoin was down another 5.9%. Losing -$1,028, Bitcoin is trading at $16,505.
Crude Oil (CL) finished higher for the 2nd day in a row. Up 0.9% after a surprise 6.5 million barrel decrease in U.S. Crude Inventories (forecasts called for a 3.6 million drop), CL ended at $58.08 a barrel with its best close since December 1st.
FedEx (FDX) was up 1.7% today after strong earnings. And Bed Bath & Beyond (BBBY) is popping nicely after hours after reporting earnings.
Chipotle (CMG) is back in the spotlight after Business Insider reported more illnesses in restaurants. Today’s 4.6% loss puts the stock back below $300.
Tis the season for giving…Fifth Third Bancorp (FITB) is dishing out $1,000 to 13,000 employees as a bonus and raising the minimum wage to $15/hr. AT&T (T) is handing out $1,000 in bonuses to 200,000 employees. AndBoeing (BA) announced a $300M employee-related & charitable investment following the tax cuts.
The economic calendar is busy early tomorrow with Final GDP, Philly Fed Manufacturing and Unemployment Claims at 8:30am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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