What correction?
After back-to-back winning days, the major indices are making a run, trying to erase February’s losses.
In terms of price action, traders were buying all day long. Even General Electric (GE) joined the rally after a getting slammed in the morning on news that they’re restating 2 years of earnings.
With today’s gains, the NASDAQ has erased all of the losses from February and is now up 0.1% for the month.
The S&P is 44 points and 1.6% away from a positive month, which isn’t too shabby considering the S&P was down 10.3% at one point. The DOW lags the major indices month with a 1.7% loss for February. But another day like today and a positive February is definitely within reach!
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Here’s where the major indices ended the day:
- The S&P finished with a 1.2% gain. Up 32 points, the S&P ended at 2,780.
- The DOW ended 1.6% higher. Adding 399 points, the DOW closed at 25,709.
- The NASDAQ was up 1.2% With an 84 point gain, the NASDAQ finished at 7,421.
- Bitcoin was up 8.0%. Adding $767, Bitcoin is trading at $10,353.
Crude Oil (CL) finished higher for the 3rd straight session. Up 0.5%, CL ended at $63.89 a barrel.
Warren Buffet kicked things off this morning after his behemoth Berkshire (BRK.B) reported earnings over the weekend. They crushed it, thanks to the new tax bill and finished the day 3.9% higher. Buffett doesn’t even like tax cuts for the wealthy and said he’s having a hard time finding stocks to buy at a sensible price. He also said that he has ‘no idea’ why Berkshire owns Teva Pharmaceuticals (TEVA). TEVA ended the day 0.2% lower.
Palo Alto (PANW) reports after the close. Cyber Security is hot right now, even got a mention from Barron’s this weekend. It’ll be interesting to see how it plays out. Keep an eye on FireEye (FEYE) as well.
Meanwhile, the Qualcomm (QCOM) and Broadcom (AVGO) drama continues. Qualcomm is willing to accept around $90/share. No word back from Broadcom yet.
We have a busy day looking at tomorrow’s economic calendar.
Fed Chair Powell testifies and Durable Goods Data will be released at 8:30am ET, followed by Consumer Confidence at 10:00am ET. We’ll also hear from Macy’s (M) before the bell.
- FRIDAY – Revised Consumer Sentiment at 10:00am.
Source: RockwellTrading by Markus Heitkoetter | Original Link