Stocks made new record highs today but ended the day mixed.
Trading was choppy in the morning. But during lunch, the S&P and NASDAQ broke out of the morning range and rallied to new records.
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Then around 1:45pm ET, stocks saw a sharp decline after Bloomberg reported that existing tariffs on billions worth of Chinese goods will remain in place until after the 2020 presidential election.
In response to the report, Treasury Secretary Steven Mnuchin and Trade Rep Robert Lighthizer told Yahoo Finance that “All aspects of the Phase One trade agreement with China will be made public tomorrow…and there is no agreement for future reduction in tariffs.”
Stocks pushed into negative territory after the news.
There was a small reversal after the initial reaction, then trading was choppy. And by the end of the day stocks were mixed.
Here’s where the major indices ended the day:
- The S&P finished with a 0.2% loss. Down 5 points, the S&P ended at 3,283.
- The DOW ended higher by 0.1%. Up 33 points, the DOW closed at 28,940.
- The NASDAQ was down 0.2%. With a 23 point loss, the NASDAQ finished at 9,251.
Crude Oil (CL) snapped its 5-day losing streak but went nowhere. Up 0.4%, CL ended the session at $58.30 a barrel.
JP Morgan Chase (JPM) was a big mover after reporting strong quarterly results. The stock jumped 1.2% after beating expectations and reporting record bank profits (at $36.4 billion).
Citigroup (C) was another winner today after reporting better than expected numbers. The stock finished higher by 1.6%.
And FedEx (FDX) jumped after news that Amazon is allowing sellers to use FedEx ground delivery again. The stock ended with a 1.8% gain.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link