Original Link | RockwellTrading by Markus Heitkoetter
Today banks were closed and bonds weren’t trading because of Columbus Day. Although the bond market was closed, U.S. stock exchanges were open and stocks started the session higher.
The DOW and NASDAQ quickly rallied to record highs after the open. But stocks retreated after the record start and moved sideways during lunch.
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The major indices experienced another small drop in the afternoon and eventually ended the day with small losses.
Here’s where the major indices ended the day:
- The S&P finished with a 0.2% loss. Down 5 points, the S&P ended at 2,545.
- The DOW ended 0.1% lower. Losing 13 points, the DOW closed at 22,761.
- The NASDAQ was down 0.2%. With a 10 point loss, the NASDAQ finished at 6,580.
Crude Oil (CL) started the day higher but was quiet for most of the session. Crude Oil finished with a 0.6% gain and ended the session at $49.56 a barrel.
Big banks like JP Morgan Chase (JPM), Citigroup (C), Bank of America (BAC), and Wells Fargo (WFC) will announce earnings later this week, as earnings season gets underway. According to FactSet, S&P 500 earnings are expected to increase just 2.8% (down from 7.5%) because of hurricane damages and claims.
Tomorrow is a quiet day for the economic calendar with no major reports. But FOMC Member Kashkari Speaks at 10:00am ET and FOMC Member Kaplan Speaks at 8:00pm ET.
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