Original Link | RockwellTrading by Markus Heitkoetter
It was a great start to the week. Stocks opened higher and the major indices finished at new record highs.
But today’s records didn’t come easy.
Stocks retreated mid-day after President Trump said drug pricing is “out of control” in a cabinet meeting. Trump’s comments had the biggest impact on biotech stocks, with the Nasdaq Biotechnology Index (IBB) giving up a 1.4%+ gain.
After the pullback stocks were choppy. But a rally in the last hour of the day sent the major indices rallied to session highs.
Although trading ranges continue to remain tight, the major indices finished at record highs once again. The DOW made a new record high for the 11th time this month, closing at new records for the 49th time this the year.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.2% gain. Up 4 points, the S&P ended at 2,558.
- The DOW ended 0.4% higher. Adding 85 points, the DOW closed at 22,957.
- The NASDAQ was up 0.3%. With an 18 point gain, the NASDAQ finished at 6,624.
Crude Oil (CL) rallied on supply concerns. The rally came after Iraqi forces took control of oil fields in the Kurdish-held city of Kirkuk and surrounding areas. With traders worried about a new conflict in Iraq, Crude Oil finished 0.8% higher at $51.86 a barrel.
Netflix (NFLX) reported earnings after the bell today. After adding an impressive 5 million subscribers in the third quarter, NFLX is up over 2.0% in after-hours trading. Netflix ended the session 1.6% higher with a new record before the earnings release.
And did you know that today is the 30-year anniversary of Black Monday? On Monday, October 19th, 1987 the DOW tanked 23%…in today’s terms, the drop would be 5,200 points!
We have a busy day for earnings tomorrow with Johnson and Johnson (JNJ), Goldman Sachs (GS), Morgan Stanley (MS), Harley Davidson (HOG), and CSX Corp. (CSX) reporting before the opening bell.
On the other hand, it’s a pretty quiet day for the economic calendar. Reports to note include Import Prices at 8:30am ET and Industrial Production at 9:15am ET.