Tariffs? What tariffs!!!
Stocks bounced right back today, in spite of yesterday’s announcement that the U.S. will impose another round of tariffs on Chinese goods.
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The major indices got off to a nice start with stocks higher at the open. From that point on, stocks were on the move. And the rally lasted almost all day long, except for a small pullback in the last hour of trading.
With today’s rally, the DOW had its best close since January 29th. The NASDAQ led the major indices with a 0.8% gain. But after yesterday’s sharp drop, the NASDAQ is still down 0.7% for the week.
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Here’s where the major indices ended the day:
- The S&P finished 0.5% higher. Up 16 points, the S&P ended at 2,904.
- The DOW ended with a 0.7% gain. Adding 185 points, the DOW closed at 26,247.
- The NASDAQ was up 0.8%. Higher by 60 points, the NASDAQ finished at 7,956.
- Bitcoin had a 1.9% gain. Up $115, Bitcoin ended at $6,290.
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Crude Oil (CL) had its best day in almost a week. Up 1.3%, CL finished at $69.81 a barrel.
Traders don’t seem to care much about President Trump’s tariffs. Yesterday after the close, the President announced another 10% tariff on $200 billion worth of Chinese goods that will kick in on September 24th. And another 15% will be added in January. China responded with tariff threats of its own, but on just $60 billion worth of U.S. goods. Based on today’s rally, it looks like traders are thinking that things could be a lot worse!
Tesla (TSLA) was lower today, after reports that the company is facing a criminal investigation over Elon Musk’s August 7th tweet about the company going private. Tesla finished the day with a 3.4% loss.
General Mills (GIS) lost 7.6% after reporting disappointing sales.
Source: RockwellTrading by Markus Heitkoetter | Original Link