Stocks were higher at the open and rallied during the first 30 minutes of trading. But by late morning the rally had fizzled, and the major indices were trading at session lows.
We saw a push higher during lunch. And stocks were trading at session highs in the afternoon. But then things were choppy, and stocks chopped around and were pretty much sideways into the close.
Today’s rally helped the S&P snap a 4-day losing streak. But it was the NASDAQ that led the indices with a 0.7% gain.
On the other hand, the DOW struggled and finished the day with a small loss.
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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 2,925.
- The DOW ended flat. Dropping just 10 points, the DOW closed at 26,527.
- The NASDAQ was up 0.7%. With a 58 point gain, the NASDAQ finished at 7,968.
Crude Oil (CL) finished higher for the 6th day in a row. With a 0.1% gain, CL ended at $59.43 a barrel.
President Trump is in Japan, where he will be meeting President Xi of China during the G20 Summit. Traders are keeping a close eye on the summit, hoping that the U.S. and China are ready to resolve their trade differences. The two world leaders will meet on Saturday.
Bank shares were on the rise today.
Citigroup (C) jumped 1.4% and Morgan Stanley (MS) was higher by 1.2%.
Boeing (BA) moved in the opposite direction after news that there could be more issues with the 737 Max software. The stock dropped 2.1% today.
In earnings news, Conagra (CAG) was hammered after reporting disappointing earnings. The stock finished the day with a 12.1% loss.
Bitcoin lost 16.7% after hitting 14,000 just yesterday. The cryptocurrency is up 7.8% this week.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link