Stocks jumped for the 2nd day straight, closing at their best levels in over a month.
Trade news continues to move stocks. And today was no different.
This morning China said that talks with the U.S are planned for October, and traders loved the idea!
Stocks soared on the news. And after a higher open, stocks continued to rally. But after the overnight rally and strong morning stocks moved sideways for most of the day.
It was the NASDAQ that led the way for the 2nd day in a row. Today’s rally put the NASDAQ back above the 8,000 mark with its best close since July 31st.
With today’s gain, the S&P is just 1.7% away from its record highs.
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Here’s where the major indices ended the day:
- The S&P finished with a 1.3% gain. Up 38 points, the S&P ended at 2,976.
- The DOW ended higher by 1.4%. Adding 373 points, the DOW closed at 26,728.
- The NASDAQ was up 1.8%. With a 140 point gain, the NASDAQ finished at 8,117.
Crude Oil (CL) finished higher for the 2nd day in a row. With a 0.3% gain, CL ended at $56.43 a barrel.
Today the ISM Non-Manufacturing PMI data for August was released. And the number was better than expected (56.4 vs. a 54.0 forecast). This was a nice boost since ISM Manufacturing PMI on Tuesday was worst than expected.
Trade sensitive stocks like Caterpillar (CAT) and Deere (DE) were up nicely on the trade news. CAT rallied 3.3% and DE was up 3.0%.
And of course, tech stocks and semiconductors enjoyed the promise of an October trade meeting.
Apple (AAPL) rallied 2.0% on the news and Micron Technology (MU) jumped 4.7%.
The online messaging company Slack (WORK) released their first earnings report since going public. The company reported better than expected numbers. But the stock lost 3.4% on concerns that growth will likely slow in the 2nd half of the year, most likely due to compeition from companies like Microsoft (MSFT).
Tomorrow traders will keep an eye on the Jobs Report released at 8:30am ET.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link