Today stocks finished higher, working their way back after yesterday’s slide.
There were a few things helping today’s mood.
- China’s Central Bank fixed its currency at a higher level than expected. Yesterday the yuan vs. the dollar was trading at almost historic lows. The move meant that Chinese exports are cheaper and more attractive than U.S. exports, and it was a major contributor to yesterdays drop – the worst of the year.
- In an interview on CNBC, National Economic Council Director Larry Kudlow said that there are still plans for a Chinese team to come to the U.S. for trade talks in September. And that “the reality is we would like to negotiate.”
Stocks were trading higher at the open this morning.
But after a slow drop in the morning, the major indices were sitting at sessions lows around 11:00am ET.
After trading sideways during lunch, a rally in the afternoon helped stocks work their way back to opening levels. And by the end of the day, the major indices were trading near session highs.
But in spite of today’s gains, the S&P still has a ways to go in order to make up for yesterday’s losses. After 2 trading days of trading, the S&P is still down 1.7% for the week.
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Here’s where the major indices ended the day:
- The S&P finished with a 1.3% gain. Up 37 points, the S&P ended at 2,882.
- The DOW ended higher by 1.2%. Gaining 312 points, the DOW closed at 26,030.
- The NASDAQ was up 1.4%. With a 107 point gain, the NASDAQ finished at 7,726.
Crude Oil (CL) finished lower for the 2nd day in a row. With a 2.1% loss, CL ended at $53.56 a barrel.
After yesterdays beating, Apple (AAPL) struggled to get back above the $200 mark but finished with a 1.9% gain.
Take-Two Interactive (TTWO) was one of the biggest winners today. After reporting better than expected earnings the stock rallied 8.0%.
Disney (DIS) is taking a beating in after-hours trading. The stock is down more than 4.0% after reporting worse than expected earnings. In their earnings call, Disney said they will be bundling their 3 popular streaming services (Disney+ ESPN+ and Hulu) for $12.99 a month.
Source: RockwellTrading by Markus Heitkoetter | Original Link