Stocks rallied today but finished well off of session highs.
The major indices were higher after President Trump said he would get involved with the Meng Wanzhou case if it would help advance trade negotiations with China.
There was also news that China is considering replacing its “Made in China 2025” policy to provide more competition and access for foreign companies (another trade win).
But after a higher open and grind higher, stocks dropped in the afternoon. After being up as as much as 1.9%, the S&P finished the day just 0.5% higher.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.5% gain. Up 14 points, the S&P ended at 2,651.
- The DOW ended higher by 0.6%. Adding 157 points, the DOW closed at 24,527.
- The NASDAQ was up 1.0%. With a 66 point gain, the NASDAQ finished at 7,098.
- Bitcoin finished higher by 2.5%. Up $85, Bitcoin ended at $3,425.
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Crude Oil (CL) opened higher but finished with a loss. Down 1.2%, CL ended at $51.04 a barrel.
Under Armour (UAA) saw the biggest loss in the S&P 500 after reporting disappointing revenue growth. The stock lost 10.4%.
Across the pond, UK Prime Minister Theresa May won a “no confidence” vote.
And CPI for November showed that consumer prices were unchanged. Core CPI (excluding gas & food) was up 0.2%. These numbers were inline with analyst expectations.
Can Santa help these markets?
Right now the S&P is down 4.0% for the month. But according to Bloomberg, December is historically the best month of the year for stocks, with the S&P up 1.6% on average going back to 1950.
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Source: RockwellTrading by Markus Heitkoetter | Original Link