Trading got off to a nice start today. The major indices were higher at the open and traded sideways for most of the morning.
But after a sell-off midday and a slide into the close, stocks couldn’t recover.
Although the major indices finished the day lower, they managed to cling to positive territory for the month. The S&P was up 0.27%, the DOW was up 0.25%, and the NASDAQ avoided a down month with a small 0.04% gain.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.8% loss. Down 22 points, the S&P ended at 2,648.
- The DOW ended 0.6% lower. Dropping 148 points, the DOW closed at 24,163.
- The NASDAQ was down 0.8%. With a 54 point loss, the NASDAQ finished at 7,066.
- Bitcoin ended 3.8% higher. Adding $340, Bitcoin is trading at $9,310.
Crude Oil (CL) opened lower but rallied throughout most of the day. Up 0.6%, CL ended at $68.53 a barrel.
There was a big drop in volatility in April. The $VIX (aka Fear Index) finished the month 20.2% lower with its biggest monthly drop since November of 2016.
Sprint (S) and T-Mobile US (TMUS) made headlines after agreeing to an all-stock merger worth $26.5 billion. The deal would combine the third and fourth largest wireless companies in an effort to compete with Verizon (VZ) and AT&T (T). Sprint lost 13.7% today and T-Mobile was down 6.2% with traders worried that the merger could encounter some regulatory challenges.
In earnings news, McDonald’s (MCD) rocketed to 3-month highs after better than expected earnings. Mcdonald’s ended the session with a 5.8% gain.
We have another big week of earnings with Apple (AAPL) reporting tomorrow.
Source: RockwellTrading by Markus Heitkoetter | Original Link