The major indices continued their march higher in 2018, with new records across the board.
Stocks were up nicely in the morning. But in the afternoon there was a pause as traders digested the December Fed Minutes.
The minutes showed that most Fed members feel the tax cuts will boost consumer and capital spending. Most members also support a continued path of rate hikes.
Without any Fed surprises, trading was quiet after the release. But the slow afternoon didn’t matter. The major indices had their gains and finished the day near session highs.
Today the S&P closed above 2700 for the first time ever. And the DOW made a new entry in the record books as well. But once again it was the NASDAQ leading the way (up 2.3% this year in just 2 days of trading).
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Here’s where the major indices ended the day:
- The S&P finished 0.6% higher. Up 17 points, the S&P ended at 2,713.
- The DOW ended with a 0.4% gain. Adding 99 points, the DOW closed at 24,923.
- The NASDAQ was up 0.8%. With a 57 point gain, the NASDAQ finished at 7,064.
- Bitcoin was up 1.1%. Adding $158, Bitcoin is trading at $15,021.
Crude Oil (CL) blew right past the $61 mark today. With a 2.1% gain, CL ended at $61.62.
Intel (INTC) was hammered after rumors of a security flaw. At one point the stock was down 6.0%. Although Intel announced later in the day that the news was false, the damage was done. INTC finished the day with a 3.4% loss.
While INTC struggled, NVIDIA (NVDA) and Advanced Micro Devices (AMD) were up nicely because of the news (up 6.6% and 5.2% respectively).
Tesla (TSLA) is down in after-hours trading after reporting Q4 deliveries that were pretty bad. Tesla delivered 1,550 Model 3s in the quarter vs the 5,000 a week that were initially expected by the end of the year. We’ll see how the stock reacts tomorrow.
Looking at tomorrow’s calendar we have ADP Non-Farm Employment Change at 8:15am, Unemployment Claims at 8:30am ET, and Crude Oil Inventories at 11:00am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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