The major indices started to drop in early trading. And it looked like a continuation of last week’s sell-off was in the works.
But after opening red, selling stabilized. And an hour later, we quickly shot higher and rallied throughout the day.
It looks like today’s rally was supported by comments from House Speaker Paul Ryan.
Last week traders were worried about President Trump’s tariff plans and a possible trade war. But today, Ryan came out against Trump’s plan to implement tariffs on steel and aluminum imports. Trump didn’t budge on his plans, but he did say that Canada and Mexico could avoid the tariffs if they agree to a “new and fair” NAFTA deal.
Today it was the DOW leading the major indices, up over 400 points in the afternoon before pulling back slightly in the close.
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Here’s where the major indices ended the day:
- The S&P finished with a 1.1% gain. Up 30 points, the S&P ended at 2,721.
- The DOW ended 1.4% higher. Adding 337 points, the DOW closed at 24,875.
- The NASDAQ was up 1.0% With a 73 point gain, the NASDAQ finished at 7,331.
- Bitcoin was up 1.5%. Adding $170, Bitcoin is trading at $11,560.
Crude Oil (CL) bounced back nicely after last week’s losses. With a 2.1% gain, CL ended at $62.56.
Some big moves from XL and NFLX today…France’s AXA is set to acquire P/C insurer XL Group (XL) for $15.3 billion. XL ended the day 29.2% higher. And Netflix (NFLX) keeps ripping higher after it was upgraded again (shocker). NFLX ended the day with a 4.6% gain.
In other news, Amazon (AMZN) is looking to partner up with JPMorgan (JPM) on a checking account product tied to the company. But it’s not clear how this will affect their bottom line. AMZN was up 1.6% and JPM was up 1.5% on the day. And Micron (MU) broke out in a big way today. Up 6.0% and closing at highs not seen since 2000, MU is trading at $52 again.
Looking at earnings, we have YY Inc. (YY) after the close. And Target (TGT) will be out with earnings tomorrow before the bell.
Tomorrow’s economic calendar is quiet, with no major reports.
Source: RockwellTrading by Markus Heitkoetter | Original Link