Stock Market Update for Monday, May 21st, 2018

Is the China- U.S. trade war over?

Not quite. But according to Treasury Secretary Steven Mnuchin, the trade war is “on hold”.

The U.S. and China wrapped up trade talks over the weekend and the news was positive. According to Mnuchin there was “very meaningful progress” made during the talks, and China has agreed to buy more U.S. goods.

Traders loved the news, and stocks were up at the open. Although there was a sell-off midday that erased a portion of the early gains, the major indices managed to finish higher.

The DOW led the way today with a 1.2% gain, closing above 25,000 for the first time since March 13th.

The Russell’s march to new records continued. The Russell 2000 finished with a new record high again. This means that the small-cap index has finished with a new record for 4 days straight!


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Here’s where the major indices ended the day:

  • The S&P finished with a 0.7% gain. Up 20 points, the S&P ended at 2,733.
  • The DOW ended 1.2% higher. Adding 298 points, the DOW closed at 25,013.
  • The NASDAQ was up 0.5%. With a 40 point gain, the NASDAQ finished at 7,354.
  • Bitcoin ended 2.0% higher. Adding $165, Bitcoin is trading at $8,420.

Crude Oil (CL) was higher at the open and never looked back. Trading at multi-year highs, CL finished 1.4% higher at $72.39 a barrel.

General Electric (GE) made headlines after announcing a deal to merge its transportation business with Wabtec (WAB). The $11.1 billion deal with the rail equipment maker sparked a 1.9% rally in GE. Wabtec was also higher, ending the day with a 3.5% gain.

Micron (MU) had a nice jump today after announcing that they will raise their current quarter forecast because of a healthy semiconductor industry. Micron finished the session 3.9% higher.

 

Source: RockwellTrading by Markus Heitkoetter | Original Link

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