Stock Market Update for Wednesday, May 16th, 2018

Stocks bounced back after yesterday’s drop.

There were some concerns over North Korea after they canceled a meeting with South Korea and threatened to back out of the planned historic meeting with President Trump.

But traders didn’t seem too worried. The major indices were slightly higher at the open and continued to rally in the morning.

There was a pause in the uptrend late morning as stocks traded sideways. But another push during lunch took the major indices to highs of the day. There was a final surge with an hour to go, and then stocks pulled back slightly heading into the close.

The major indices ended the day higher, but it was the Russell 2000 that really stood out. The small-cap index led U.S. indices with a 1.0% gain and finished at record highs.


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Here’s where the major indices ended the day:

  • The S&P finished with a 0.4% gain. Up 11 points, the S&P ended at 2,722.
  • The DOW ended 0.3% higher. Adding 63 points, the DOW closed at 24,769.
  • The NASDAQ was up 0.6%. With a 47 point gain, the NASDAQ finished at 7,398.
  • Bitcoin ended 2.5% lower. Dropping $210, Bitcoin is trading at $8,310.

Crude Oil (CL) finished with its highest close of the year. Up 0.2%, CL ended at $71.45 a barrel. Today’s Crude Oil Inventories showed a 1.4 million barrel decrease in U.S. stockpiles compared to the 1.1 million drop expected.

Interest rates are on the move again, with 10-year yields hitting 3.1% today. Today the 10-year traded at the highest level since 2011.

Macy’s (M) jumped 10.8% after better thane expected earnings. The rally helped other retailers, including Nike (NKE) who hit a record high with a 2.7% gain.

Micron (MU) was another nice mover, up 4.6% after an analyst upgrade.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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