One thing is for certain. Traders are ready for some positive trade news!
Stocks kicked off the day with losses. But after the open stocks rallied, filling the gap between the open and yesterday’s close.
There was a slow drift higher during lunch. Then a little after 2:30pm ET, stocks took off out of nowhere!
The move came after news that the U.S. is considering lifting tariffs on China to help make a deal. And in just 20 minutes the S&P rallied more than 0.8%.
The major indices pulled back after CNBC reported that a Treasury spokesperson said there were no tariff recommendations made.
But in spite of the conflicting news, the major indices still manged to finish the day with gains across the board. And today’s rally helped the S&P close above its 50-day moving average for the first time since December 4th.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.8% gain. Up 20 points, the S&P ended at 2,636.
- The DOW ended higher by 0.7%. Adding 163 points, the DOW closed at 24,370.
- The NASDAQ was up 0.7%. With a 48 point gain, the NASDAQ finished at 7,084.
- Bitcoin finished higher by 1.8%. Up $65, Bitcoin ended at $3,620.
Crude Oil (CL) snapped a 2-day winning streak and finished lower. Down 0.6%, CL ended at $52.01 a barrel.
It was another big day for bank stocks. But this time it was Morgan Stanley (MS) in the spotlight for reporting disappointing results. Morgan Stanley finished the day with a 4.4% loss after a lousy quarter and losses in their bonds trading division.
Netflix (NFLX) is getting hammered after the bell after reporting mixed earnings results. The company beat earnings estimates, but offered lower guidance for the first quarter of 2019. In after hours trading the stock is down more than 4.0%.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link