Make it 3 in a row!
Stocks continue to rock in 2018 with the major indices ending another day at new records.
Trading got off to a nice start early today after a huge rally in Asia (Japan’s Nikkei was up 3.3%) and a better than expected ADP Employment Change report (250,000 jobs added vs. a 191,000 forecast).
The major indices opened higher and continued to rally in the morning, then traded sideways for most of the afternoon,
The DOW has been lagging behind the S&P and NASDAQ this year. But not today. The DOW led the way andclosed above 25,000 for the first time ever!
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Here’s where the major indices ended the day:
- The S&P finished 0.4% higher. Up 11 points, the S&P ended at 2,724.
- The DOW ended with a 0.6% gain. Adding 152 points, the DOW closed at 25,075.
- The NASDAQ was up 0.2%. With a 12 point gain, the NASDAQ finished at 7,078.
- Bitcoin was down 0.8%. Dropping $122, Bitcoin is trading at $14,908.
Crude Oil (CL) continued its move higher but closed a few ticks shy of the $62 mark. Today’s Crude Oil Inventories showed a 7.4 million barrel decrease in U.S. stockpiles compared to the 5.2 million drop that was expected. After the report, there was a small pullback. Then Crude Oil resumed its move higher and ended the day at $61.98 a barrel with a 0.6% gain.
Macy’s (M) suffered a 3.3% loss today after reporting declines in sales and revenues, along with job cuts and store closures. And L Brands (LB) was clobbered after a not so hot December sales report. The stock finished the day with a 12.3% loss.
Intel (INTC) is back in the cross-hairs after a report from Axios revealed that the CEO sold $39 million of stock before the public knew about the security flaw, which they originally denied. INTC was down another 1.8% today.
Tesla (TSLA) took a hit in early trading following yesterday’s disappointing earnings. But after being down as much as 3.7%, TSLA changed direction and recouped a large part of the early losses. Telsa ended the day with just a 0.8% loss.
Tomorrow traders will keep a close eye on the monthly Jobs Report.
We have Average Hourly Earnings, Non-Farm Employment Change, and the Unemployment Rate at 8:30am ET, followed by ISM Non-Manufacturing PMI at 10:00am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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