Stocks bounced back today.
After a higher open, there was a small pullback in early trading. But just 15 minutes into the trading session stocks started to rally and continued higher almost all day long.
Traders seemed to be looking for a reason to buy today. And positive earnings did the trick. Tech stocks were hot after some strong numbers, and the NASDAQ led the major indices with gains.
With the major indices higher, both the S&P and DOW are trading back in positive territory for the year.
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Here’s where the major indices ended the day:
- The S&P finished with a 1.9% gain. Up 49 points, the S&P ended at 2,706.
- The DOW ended higher by 1.6%. Adding 401 points, the DOW closed at 24,985.
- The NASDAQ was up 3.0%. With a 210 point gain, the NASDAQ finished at 7,318.
- Bitcoin finished lower by 0.3%. Down $20, Bitcoin ended at $6,395.
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Crude Oil (CL) ended higher for the 2nd day in a row. Up 0.8%, CL finished at $67.34 a barrel.
In earnings news, Tesla (TSLA) had a nice day after yesterday’s post-bell earnings beat. The stock ended the day with a 9.1% gain. Microsoft (MSFT) rocketed higher on better than expected earnings as well. MSFT ended with a 5.8% gain.
Twitter (TWTR) was another earnings winner. The stock jumped 15.5% after strong revenue, in spite of a drop in active users.
Tech earnings and GDP (released at 8:30am ET) will definitely be the focus tomorrow.
Amazon (AMZN) reported revenue that was slightly lower than expected after the bell today. The stock was down as much as 9% in after-hours trading. Alphabet (GOOGL) was also lower after some disappointing numbers.
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You can’t always rely on after-hours movement. But the major indices started to pull back in the last 40 minutes of the trading day and continued to slide after the close. In fact, as we write, the E-Mini S&P has dropped 1.4% since the close, giving up most of the day’s gains.
Now a lot can happen in overnight trading. But based on the movement after the close, we’ll probably see another wild trading day tomorrow!
Source: RockwellTrading by Markus Heitkoetter | Original Link