Well it looks like volatility is going to stick around for a little bit longer.
Today we experienced another wild day with 2.0% swings!
After a dip overnight, the major indices were trading in positive territory at the U.S. open. But stocks quickly dropped and continued to slide throughout the morning session.
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Then around 11:00am ET, the sell off came to a screeching halt. Stocks changed direction and worked their way out of negative territory with a rally that lasted all afternoon.
Today’s 34 point gain in the DOW might not seem too impressive. But the index had to rally 542 points for that 34 point gain to happen!
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Here’s where the major indices ended the day:
- The S&P finished with a 0.2% gain. Up 5 points, the S&P ended at 2,638.
- The DOW ended higher by 0.1%. Adding 34 points, the DOW closed at 24,423.
- The NASDAQ was up 0.7%. With a 51 point gain, the NASDAQ finished at 7,021.
- Bitcoin finished higher by 1.8%. Up $60, Bitcoin ended at $3,380.
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Crude Oil (CL) was slammed again today. With a 2.9% loss, CL finished at $51.10 a barrel.
Apple (AAPL) was down more than 3.0% after iPhones were banned in China. The stock dropped after a Chinese court ordered a ban on the import and sale of most iPhones in the country. This decision came after Qualcomm sought an injunction for allegedly violating two patents.
Apple denies the violation, and says the injunction should only concern patents that applied to older phones (estimated to have an impact on 10-15% of sales in the region). Apple did bounce back, and finished the day with a 0.7% gain.
Verizon (VZ) is cutting jobs. And today, Verizon announced that more 10,000 employees (about 7%) accepted the company’s buyout offer. VZ finished the day with a 1.0% gain.
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Source: RockwellTrading by Markus Heitkoetter | Original Link