Stocks went on a roller-coaster ride today!
After a small dip in the morning, stocks bounced back and were flat. But an hour into trading, sellers took over again, and the S&P dropped for an hour straight.
Stocks traded sideways after the slide. But after going nowhere for 2 hours, stocks took off, this time to the upside.
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The S&P was down as much as 0.8% in the morning. But the rally in the afternoon, helped the index finish the day flat.
The DOW managed to recover from this morning’s drop, ending the day with a small gain. But the NASDAQwasn’t so lucky, finishing lower for the 3rd day in a row with a 0.7% loss.
Why the drop? It could be a mix of factors, including trade, concerns over Italy, and rising yields. Although the bond markets were closed for Columbus day, traders are still worried about the impact of rising yields, a scenario that is usually bad for stocks.
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Here’s where the major indices ended the day:
- The S&P finished flat. Down just 1 point, the S&P ended at 2,884.
- The DOW ended with a 0.2% gain. Adding 40 points, the DOW closed at 26,487.
- The NASDAQ was down 0.7%. With a 53 point drop, the NASDAQ finished at 7,736.
- Bitcoin finished 1.5% higher. Up $95, Bitcoin ended at $6,615.
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Crude Oil (CL) finished slightly lower today. With a 0.2% loss, Crude Oil finished at $74.17 a barrel.
Alphabet (GOOG) made headlines after news that a software glitch could have exposed private user information for 500,000 accounts between 2015 and March of this year. Alphabet dropped during the day but managed to recover a little and finish the day with just a 0.7% loss.
It’s not looking any better for Tesla (TSLA). Tesla lost another 4.4%, ending lower for the 5th day in a row.
Source: RockwellTrading by Markus Heitkoetter | Original Link