Stocks managed to hang onto gains today, in spite of some indecision after the January Fed Minutes release.
The major indices were sideways for most of the day, with traders focused on the minutes release at 2pm ET.
But the minutes didn’t reveal any real surprises.
The January minutes were pretty much in-line with expectations, showing that the Fed is going to be patient with raising rates.
After the minutes, stocks rallied to session highs then quickly reversed and hit session lows.
But after trading at lows of the day around 2:30pm ET, a small rally brought the major indices back into positive territory. In the end, the major indices were able to hang onto gains, finishing slightly higher.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.2% gain. Up 5 points, the S&P ended at 2,785.
- The DOW ended higher by 0.2%. Adding 62 points, the DOW closed at 25,954.
- The NASDAQ was up flat. With a 2 point gain, the NASDAQ finished at 7,489.
Crude Oil (CL) rallied to 3-month highs today. Up 1.9% since Friday, CL ended at $57.15 a barrel.
In earnings news, CVS Health (CVS) suffered an 8.1% loss after disappointing earnings.
Southwest Airlines (LUV) was also an earnings disappointment, cutting its revenue and growth and ending the day with a 5.7% loss.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link