It looked like we were going to see more selling today.
The major indices dropped overnight and kicked off the day with early losses.
But after the open, there was a quick rally and then stocks chopped around for most of the morning. Things finally started to move again in the afternoon, and the major indices finished higher across the board.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.6% gain. Up 17 points, the S&P ended at 2,716.
- The DOW ended 0.4% higher. Adding 98 points, the DOW closed at 24,216.
- The NASDAQ was up 0.8%. With a 59 point gain, the NASDAQ finished at 7,504.
- Bitcoin ended 1.7% lower. Losing $105, Bitcoin is trading at $6000.
Crude Oil (CL) finished higher for the third day straight. Up 0.8%, CL ended at $73.37 a barrel with its best close in almost 3 years.
Walgreens Boots Alliance (WBA) is off to a rough start after joining the DOW. Walgreens lost 9.9% today in spite of better than expected earnings. Why the drop? Blame it on Amazon (AMZN) and news that the company has agreed to buy the start-up PillPack.
But Walgreens wasn’t the only loser because of the purchase. With Amazon buying PillPack, an online prescription company, CVS Corporation (CVS) was also hit with a 6.1% loss. At one point today Walgreens and CVS had lost almost $15 billion in value because of Amazon’s jump into the retail pharmacy business. Amazon finished the day with a 2.5% gain.
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Source: RockwellTrading by Markus Heitkoetter | Original Link