Stocks finish mixed after another back and forth session.
The major indices kicked the day off with losses, following a spike in Treasury yields where the 10-year Note hit a 7-year high. With the lower start, the S&P tested its 50-day moving average.
A rally late morning brought the major indices to session highs. But the rally was short-lived and stocks traded sideways for most of the afternoon.
The NASDAQ managed to end the day slightly positive. But the S&P and DOW finished with small losses.
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Here’s where the major indices ended the day:
- The S&P finished 0.1% lower. Down 4 points, the S&P ended at 2,880.
- The DOW ended with a 0.2% loss. Dropping 56 points, the DOW closed at 26,431.
- The NASDAQ was slightly higher. With just a 2 point gain, the NASDAQ finished at 7,738.
- Bitcoin finished 0.7% lower. Down $45, Bitcoin ended at $6,570.
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Crude Oil (CL) finished higher today following news that Hurricane Michael is having any impact on oil production in the Gulf of Mexico. With a 1.0% gain, Crude Oil finished at $75.01 a barrel.
American Airlines (AAL) dropped to a 2-year low after reporting that fuel costs were higher than expected last quarter. The airline also said that $55 million in revenue was lost because of Hurricane Florence due to the cancelation of 2,000 flights. AAL finished the day with a 6.6% loss.
Starbucks (SBUX) traded higher after news that Bill Ackman’s fund Pershing Square Capital has invested $900 million in the company, saying the company is “one of the greatest business in the world.” Although the stock pulled away from session highs, SBUX managed to finish the day with a 2.1% gain.
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Source: RockwellTrading by Markus Heitkoetter | Original Link