[MARKET UPDATE] – Trump and the “Saudi Purge”

Original Link | RockwellTrading by Markus Heitkoetter

The week kicked off with a lot of news lingering from the weekend.

President Trump began his Presidential trip to Asia. And over the weekend, Crown Prince Mohammed bin Salman of Saudi Arabia, imprisoned dozens of princes, ministers, and ex-ministers on allegations of corruption. The “Saudi Purge” involved the detaining of billionaire Prince Al-Waleed and other businessmen.

Taking a stab at the GOP tax plan, Senator McCain says tax reform is “Dead on Arrival” in the Senate as he will oppose the bill.

So there was a lot of noise today, but the markets didn’t think much of it. The major indices chopped around all day and then drifted higher into the close.

— TRENDING NOW—

Learn The Strategy That Could Pay You Up To $2,000 or More Every Week

Here’s where the major indices ended the day:

• The S&P finished 0.1% higher. Up 3 points, the S&P ended at 2,591.
• The DOW ended flat. Adding just 9 points, the DOW closed at 23,548.
• The NASDAQ was up 0.3%. With a 22 point gain, the NASDAQ finished at 6,786.

Crude Oil (CL) surged today, closing higher after the “Saudi Purge.” With a 2.9% gain and close of $57.26, this was the best close for Crude since June 2015.

Disney (DIS) popped higher after reports that they’re looking to buy most of 21st Century Fox (FOXA). Broadcom (AVGO) and Qualcomm (QCOM) were also higher after details of Broadcom’s proposed takeover emerged.

Priceline (PCLN) reports after the bell today, along with a few semiconductors, which have been hot lately.

Look at the economic calendar, we have a pretty quiet week for reports. But tomorrow Fed Chair Janet Yellen is scheduled to speak at 2:30pm ET.

— TRENDING NOW—