Two out of the three major indices finished higher after a quiet trading day. Stocks dropped in morning trading, but the S&P and NASDAQ were able to bounce back and end the session with small gains.
But the DOW was another story.
The DOW started the day positive but pulled back as the morning went on. Trading was sideways for most of the day, but the DOW couldn’t hold onto gains and ended the session with a loss.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.1% gain. Up 2 points, the S&P ended at 2,709.
- The DOW ended 0.2% lower. Losing 39 points, the DOW closed at 24,748.
- The NASDAQ was up 0.2%. With a 14 point gain, the NASDAQ finished at 7,295.
- Bitcoin ended 3.7% higher. Adding $297, Bitcoin is trading at $8,210.
Crude Oil (CL) rocketed higher after a strong open. CL ended 2.9% higher at $68.45 a barrel with its highest daily close in 21 months. Today’s Crude Oil Inventories showed a 1.1 million barrel decrease compared to the half million barrel drop that was expected.
IBM (IBM) reported first-quarter earnings that were better than expected. But shares fell 7.5% after worse than expected forward-looking guidance. This is the worst day IBM has had since October 24, 2014, when the stock fell 7.6%. IBM’s drop was a big reason the DOW lagged the major indices today.
So far earnings have been good and traders are expecting some solid numbers. Traders are looking for an 18.6% increase in S&P 500 company first-quarter profits. This would be the highest seen in seven years.
Traders kept a close eye on Southwest Airlines (LUV) after one of its airplane’s engines exploded yesterday. Turns out the type of engine (CFM56) was also involved in a 2016 engine failure and the airline is rushing to test more engines of this type. But based on today’s 2.9% gain, it looks like traders are comfortable with Southwest’s response.
Source: RockwellTrading by Markus Heitkoetter | Original Link