Stocks bounced back from an early sell-off this morning.
Things looked rough at the open after renewed concerns over trade.
President Trump said in a Wall Street Journal interview that it is “highly unlikely” that he will refrain from raising a 10% tariff to 25%on $200 billion worth of Chinese goods. Right now the tariff increase is planned for January 1st.
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Traders have been optimistic about trade recently with President Trump and Chinese President Xi scheduled to meet this weekend at the G20 summit. So the hard stance was a set back as they get ready for the meeting.
The major indices started the day with losses, and were trading at session lows just 10 minutes into the day.
But after the drop, stocks rallied off of the lows and were slightly higher late morning. Trading was sideways from 11am until 2pm. Then an afternoon rally helped push the major indices into positive territory.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.3% gain. Up 9 points, the S&P ended at 2,682.
- The DOW ended higher by 0.4%. Adding 108 points, the DOW closed at 24,749.
- The NASDAQ was flat. Higher by a point, the NASDAQ finished at 7,083.
- Bitcoin finished higher by 6.7%. Up $235, Bitcoin ended at $3,765.
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Crude Oil (CL) was all over the place today. After a flat start, Crude Oil sold off and was down 2.8%. Then Crude Oil bounced right back and managed to end the day flat at $51.61 a barrel.
General Motors (GM) dropped 2.6% following yesterday’s news that the company will close plants and layoff workers. The drop came after President Trump threatened to cut all subsidies that the company receives, since GM will be closing plants in the U.S., but not in Mexico or China.
Source: RockwellTrading by Markus Heitkoetter | Original Link