Stocks were higher, but today’s end of day numbers are a little deceiving.
The major indices soared this morning after Larry Kudlow downplayed China tariffs, stating that he thinks the US will reach a negotiation.
Stocks were up nicely for most of the session and the DOW was up over 400 points by early afternoon.
But things went south after news broke that the FBI had raided the offices of Trump’s lawyer Michael Cohen. The raid was part of a referral from Mueller, in which the FBI seized e-mails, tax documents, and business records.
Exactly what the FBI was looking for isn’t clear (Cohen made a $130,000 payment to porn actress Stormy Daniels days before the 2016 presidential election). But what is clear, is that traders didn’t like the news. A small pullback turned into a reversal with the news. And the major indices finished the day near session lows, erasing most of the day’s gains.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.3% gain. Up 9 points, the S&P ended at 2,613.
- The DOW ended 0.2% higher. Adding 46 points, the DOW closed at 23,979.
- The NASDAQ was up 0.5% With a 35 point gain, the NASDAQ finished at 6,950.
- Bitcoin ended 0.4% lower. Losing $277, Bitcoin is trading at $6,714.
Crude Oil (CL) went straight up for most of the session. Up 2.2%, CL ended at $63.43 a barrel.
In stock news, Novartis (NVS) announced plans to buy AveXis (AVXS), a Nasdaq-listed clinical-stage gene therapy company, for $8.7 billion in cash. AVXS was up 81.6% with the offer.
And Boeing (BA) announced an order of over $12B from American Airlines (AAL) for Forty-Seven 787 Dreamliners. BA ended the day with a 1.1% loss.
Mark Zuckerberg is in Washington this week and will appear before multiple congressional committees on Tuesday and Wednesday. The hearings will focus on Facebook’s user privacy and the recent data breach. Facebook finished the day with a 0.5% gain.
Looking at the economic calendar, we have PPI Data tomorrow at 8:30am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link