Stocks started the day with losses after reports that China asked the World Trade Organization to impose sanctions on the U.S.
But after the rough start, stocks bounced back. The major indices rallied late morning, then traded sideways into the close.
Today’s rally was largely due to Apple and energy stocks.
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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 2,888.
- The DOW ended with a 0.4% gain. Adding 114 points, the DOW closed at 25,971.
- The NASDAQ was up 0.6%. Higher by 48 points, the NASDAQ finished at 7,972.
- Bitcoin dropped 1.0%. Losing $60, Bitcoin ended at $6205.
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Crude Oil (CL) had a big day with Hurricane Florence expected to hit the U.S. this week. The threat of the hurricane has traders expecting supply issues. And supply problems coupled with higher demand usually means higher oil prices. Snapping a 5-day losing streak, CL was up 2.5%, finishing at $69.23 a barrel.
Apple (AAPL) was a big winner today, ending the day with a 2.5% gain. Apple is expected to unveil its new iPhone tomorrow.
Source: RockwellTrading by Markus Heitkoetter | Original Link