Well that was fast!
On Friday, the S&P closed above 2,800 for the first time since early November. And this morning, stocks were higher again.
But after making new highs for the year, stocks tanked!
News that the U.S. and China are getting to closer to a deal helped lift the markets. But the positive trade news wasn’t enough to keep stocks at highs.
The S&P was down over 1.0% by early afternoon. And finished the day below 2,800.
But on the bright side, things could have been a lot worse.
After making session lows a little after 1pm ET, a small rally helped erase more than half of today’s early losses.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.4% loss. Down 11 points, the S&P ended at 2,793.
- The DOW ended lower by 0.8%. Dropping 207 points, the DOW closed at 25,820.
- The NASDAQ was down 0.2%. With an 18 point loss, the NASDAQ finished at 7,578.
Crude Oil (CL) bounced back after Friday’s slide. Up 1.3%, CL finished at $56.53 a barrel.
The Children’s Place (PLCE) lost 10.3% after disappointing earnings.
And Tesla (TSLA) lost another 3.2% after Elon Musk tweeted about plans to unveil its SUV, the Model Y, on March 14th. Traders didn’t seem to care for the news. The stock is down almost 11% in the last 2 trading sessions.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link