Stocks kicked off the week with a win.
After a rally overnight, stocks started the day higher. It was pretty quiet after the big overnight move. But a surge in the morning and another small surge in the afternoon left the major indices near session highs.
Bouncing back after last week’s losses, the major indices were up 1.5%+.
Today’s rally in the S&P helped pull the index out of correction territory. The S&P is down 9.1% from October’s high.
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Here’s where the major indices ended the day:
- The S&P finished with a 1.6% gain. Up 41 points, the S&P ended at 2,673.
- The DOW ended higher by 1.5%. Adding 354 points, the DOW closed at 24,640.
- The NASDAQ was up 2.1%. Higher by 143 points, the NASDAQ finished at 7,082.
- Bitcoin finished lower by 15.7%. Down $655, Bitcoin ended at $3,530.
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Crude Oil (CL) saw a small rally after its worst weekly drop since 2011. Up 2.5%, CL ended at $51.66 a barrel.
Bitcoin is crashing…Dipping below $3500 today, the cryptocurrency has lost 35% in a week.
Amazon (AMZN) and other retailers were up nicely today, with Amazon adding 5.3%.
The rally came after record online Black Friday sales. Traders are hoping that today’s “Cyber Monday” sales would set new records as well.
Today General Motors (GM) announced that it’s cutting 10,000 jobs and closing 5 factories. The stock rallied 4.8% on the news.
Traders hopefully for positive trade news are looking forward to Friday. President Trump and Chinese President Xi Jinping are expected to meet over the 2-day G-20 Summit in Buenos Aires on Friday and Saturday.
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