Stocks finished the day slightly higher after a sideways trading session.
With yesterday’s big drop and the ongoing trade rhetoric, traders were a little on edge today. The major indices opened slightly higher then retreated.
There was a pullback 8 minutes into trading and another retreat 79 minutes into the session, but stocks found their footing and drifted higher in the afternoon. Although it wasn’t anything to get excited about, the major indices finished the day with gains.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.2% gain. Up 6 points, the S&P ended at 2,723.
- The DOW ended 0.1% higher. Adding 30 points, the DOW closed at 24,283.
- The NASDAQ was up 0.4%. With a 30 point gain, the NASDAQ finished at 7,562.
- Bitcoin ended 1.3% lower. Dropping $80, Bitcoin is trading at $6175.
Crude Oil (CL) was the big mover today. Up 3.5%, CL ended at $70.43 a barrel. Today’s rally was tied to news that the U.S. State Department is pushing allies to stop importing Iranian crude oil and will impose sanctions on companies that buy crude oil from Iran. This helped CL rally to its best close in over a month.
General Electric (GE) was dropped from the Dow Jones Industrial Average today and jumped 7.8%. But today’s rally had more to do with an announcement that GE will spin off its healthcare business and sell its position in Baker Hughes (BHGE).
Harley Davidson (HOG) took some heat from President Trump after its decision to move a portion of its business overseas to avoid tariffs. Harley Davidson finished the day with a 0.6% loss.
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Source: RockwellTrading by Markus Heitkoetter | Original Link