Stocks finished higher for the 5th day in a row.
Although we still have a ways to go until we get back to 2018 highs (the S&P is up 2.2% for the year but 4.9% below January’s high), it’s starting to “feel” like the Bulls are regaining some control.
The major indices were green heading into the open with the DOW up triple digits. After the strong start, stocks dropped and the major indices went red at 11:00 am ET.
But the sell-off was short lived.
Buyers stepped in, and the major indices drifted higher for the rest of the session.With gains of 1.2%+ across the board, this is the best 5-day rally since 2011.
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Here’s where the major indices ended the day:
- The S&P finished with a 1.2% gain. Up 33 points, the S&P ended at 2,731.
- The DOW ended 1.2% higher. Adding 307 points, the DOW closed at 25,200.
- The NASDAQ was up 1.6% With a 113 point gain, the NASDAQ finished at 7,257.
- Bitcoin was up 7.2%. Adding $6.73, Bitcoin is trading at $9,964.
It looks like cryptocurrencies are gaining some momentum. Bitcoin is up 25% over the last week, trading just under $10,000 again.
Crude Oil (CL) was up nicely as well. With a 1.6% gain, CL ended at $61.56 a barrel.
In political news, Steve Bannon was interviewed today in relation to Trumpgate but apparently refused to answer any questions.
Speaking of Trump, he’s apparently pretty fond of the idea of placing a tax on all online orders. Amazon (AMZN) was down as much as 5.9% during the day but ended the session with its best close ever at $1462.25 a share (up 0.8%).
Shopify (SHOP) reported in the morning, but there wasn’t too much excitement during the day, SHOP ended the session 0.3% higher.
Coke (KO) and John Deere (DE) are up tomorrow morning. After the close, we’ll hear from Shake Shack (SHAK), Kraft-Heinz (KHC), CBS (CBS), and a few others as earnings season winds down.
Tomorrow’s economic calendar features Building Permits, Housing Starts and Import Prices at 8:30am ET, followed by Preliminary Consumer Sentiment at 10:00am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link