Stock Market Update for Thursday, May 10th, 2018

Trading got off to a nice start after today’s 8:30am ET report showed that U.S. consumer prices rose less than expected in AprilCPI was up 0.2% vs. a 0.3% forecast, and Core CPI was up 0.1% vs. a 0.2% forecast.

The major indices traded higher at the open and continued to rally throughout the morning. There was a sharp rise during the lunch hour and then stocks traded sideways for the rest of the session.

With today’s gains, the DOW is up 6-days straight and the major indices are near 2-month highs. And the NASDAQ is just 2.4% away from its record close set on March 12th.


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Here’s where the major indices ended the day:

  • The S&P finished with a 0.9% gain. Up 26 points, the S&P ended at 2,723.
  • The DOW ended 0.8% higher. Adding 197 points, the DOW closed at 24,740.
  • The NASDAQ was up 0.9%. With a 65 point gain, the NASDAQ finished at 7,405.
  • Bitcoin ended 1.3% lower. Dropping $120, Bitcoin is trading at $9,120.

Crude Oil (CL) was pretty quiet following 2 busy days of trading. CL ended with a 0.1% loss at $71.10 a barrel.

Apple (AAPL) continues to be on FIRE! Apple made new records again today with a 1.4% gain. Apple is up 9-days straight and is a 7% move away from becoming the first company ever to have a market cap of $1 trillion!

Facebook (FB) finished 1.6% higher today and is currently on a 5-day win-streak. With today’s gains, the stock has recovered from losses incurred after the Cambridge Analytica data scandal that occurred back in March.

Traders will keep an eye on NVIDIA (NVDA) tomorrow. Tech stocks have been hot recently, and today NVIDIA made record highs with a 1.7% gain. NVIDIA reported better than expected earnings after the bell today. But so far the response has been negative with the stock trading 3.0% lower in after-hours trading.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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