Stocks finished the day higher after a choppy day of trading.
Trade talks were in the spotlight again today, with Treasury Secretary Steven Mnuchin and U.S. Trade Rep Robert Lighthizer arriving in China for a 2-day meeting.
Stocks were up in the morning but dropped during lunch. After the mid-day sell-off, stocks rallied in the afternoon. A final push higher in the last hour of trading helped the major indices finish the day with gains, back near highs established in the morning.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.4% gain. Up 10 points, the S&P ended at 2,815.
- The DOW ended higher by 0.4%. Adding 92 points, the DOW closed at 25,717.
- The NASDAQ was up 0.3%. With a 26 point loss, the NASDAQ finished at 7,669.
Crude Oil (CL) finished lower for the 2nd day in a row. Down 0.2%, CL ended at $59.27 a barrel.
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The major indices might have pulled away from highs of the year, but the pullback has done little to harm this year’s gains. In fact, the S&P is on track for its best quarter since 2009 with a 12.3% gain.
Lululemon Athletica (LULU) jumped 14.1% after better than expected earnings.
Facebook (FB) was lower today after news that the company is being sued by the U.S. Department of Housing and Urban Development (HUD).
HUD is claiming that Facebook is in violation of the Fair Housing Act by “encouraging, enabling, and causing housing discrimination through the company’s advertising platform.” But with just a 0.2% loss, it’s safe to say that traders shrugged off the news.
The ride-share company Lyft (LYFT) will debut on the NASDAQ tomorrow. The company’s IPO is set for $72 a share, which would value the company at $20 billion.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link