Stocks were mixed today, with the DOW and NASDAQ moving in opposite directions again.
The DOW sold off this morning and finished lower for the 7th day in a row. But the NASDAQ rallied, ending the day at record highs.
The major indices are usually highly correlated. But with today’s close, the DOW is negative for the year while the NASDAQ is trading at new records.
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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 2,767.
- The DOW ended 0.2% lower. Dropping 42 points, the DOW closed at 24,658.
- The NASDAQ was up 0.7%. With a 56 point gain, the NASDAQ finished at 7,782.
- Bitcoin ended 0.2% higher. Adding $10, Bitcoin is trading at $6,755.
Crude Oil (CL) finished back above the $65 mark today. With a 1.1% gain, CL ended at $65.59 a barrel. Today’s Crude Oil Inventories showed a 5.9 million barrel decrease in U.S. stockpiles compared to the 2.1 million barrel decrease that was expected.
The Dow Jones Industrial Average is getting a facelift this month. General Electric (GE) will be replaced by Walgreens Boots Alliance (WBA) on June 26th. GE is down almost 25% this year and has lost 60% of its value in the last 18 months.
The battle over 21st Century Fox (FOXA) heated up today after Disney (DIS) increased its offer in an attempt to outbid Comcast (CMCSA). Disney finished 1.0% higher while 21st Century Fox rallied 7.5% on Disney’s $35/share offer.
Starbucks (SBUX) was hammered today after announcing that it will be closing 150 underperforming locations and scaling back its store growth. Starbucks finished with a 9.1% loss.
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Source: RockwellTrading by Markus Heitkoetter | Original Link