This morning stocks opened slightly higher. But the major indices dropped to session lows ahead of the ISM Non-Manufacturing PMI report at 10:00am ET.
The report revealed that the U.S. services sector continued to expand in December, but at a slower pace than expected. The reading came in at 57.6, below the 59.6 forecast (last month’s reading was 60.7 and a reading above 50.0 indicates industry expansion).
But today’s real focus was trade.
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Trade talks between the U.S. and China have resumed in Beijing. And according to Reuters, the Chinese foreign ministry is eager to work with the U.S. (on an equal footing).
Stocks rallied after the report and continued to climb until the afternoon. The push higher lasted until around 1:45pm ET when President Trump tweeted that he will address the nation tomorrow night to discuss the “Humanitarian and National Security Crisis on our Southern Border.”
Although stocks pulled away from session highs in the afternoon, the major indices still managed to finish the day with nice gains.
Here’s where the major indices ended the day:
- The S&P finished with a 0.7% gain. Up 18 points, the S&P ended at 2,550.
- The DOW ended higher by 0.4%. Adding 98 points, the DOW closed at 23,531.
- The NASDAQ was up 1.3%. With a 85 point gain, the NASDAQ finished at 6,823.
- Bitcoin finished higher by 4.9%. Up $185, Bitcoin ended at $3,985.
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Crude Oil (CL) finished higher for the 6th day straight. Up 1.1%, CL ended at $48.47 a barrel.
While most stocks were higher, Apple (AAPL) finished the day with a 0.2% loss. The stock continues to struggle since Apple’s CEO Tim Cook warned investors about a drop in upcoming revenue. Last week Cook said that the company could see a drop in revenue for the quarter that is $7 billion lower than originally expected. A
According to FactSet, the number of Wall Street analysts giving the stock a buy rating is the lowest since 2005.
PG&E (PCG) dropped another 22.3% today on renewed bankruptcy fears. The stock has dropped 60.4% since Northern California’s deadly Camp Fire.
Source: RockwellTrading by Markus Heitkoetter | Original Link