Stock Market Update for Thursday, January 11th, 2018

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After yesterday’s pullback, it was business as usual with stocks opening higher and closing higher

The morning kicked off with U.S. Producer Price Indexreport. This was a surprise miss, down 0.1% vs. the 0.2% increase that was expected. So much for that inflation thing everyone’s been talking about!

With stocks higher at the open, the major indices rallied most of the day, finishing the session with new records. After today’s gains, the S&P, NASDAQ, and DOW are up now up 3.5%, 3.5%, and 4.5% for the year respectively.

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Here’s where the major indices ended the day:

  • The S&P finished 0.7% higher. Up 19 points, the S&P ended at 2,768.
  • The DOW ended with a 0.8% gain. Adding 206 points, the DOW closed at 25,575.
  • The NASDAQ was up 0.8%. With a 58 point gain, the NASDAQ finished at 7,212.
  • Bitcoin was down 0.7%. Losing $1065, Bitcoin is trading at $13,235.

Bitcoin was down again today. This time it was news that South Korea could ban all cryptocurrency tradingthat held the crypto back.

Crude Oil (CL) rocketed past the $64 mark before pulling back. Up as much as 2.1%, CL eventually finished the day with a 0.4% gain, closing at $63.81 a barrel.

Boeing (BA) has been crushing it so far in 2018. With another 2.5% gain today, BA is up 10.6% in the past 5 trading days.

Earnings season kicks off tomorrow ahead of the shortened trading week next week (U.S. exchanges are closed Monday for Martin Luther King, Jr. Day).

The economic calendar is busy early tomorrow, with CPI Data and Retail Sales Data at 8:30am ET. We also get to hear earnings from J.P. Morgan (JPM) and Wells Fargo (WFC).

Source: RockwellTrading by Markus Heitkoetter | Original Link

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