Stocks rallied this morning, then gave up early gains.
After a higher start and morning rally, stocks traded sideways for most of the afternoon. But a sell off in the last 90 minutes of the day brought stocks to session lows. The major indices still managed to end the day with gains, but it just wasn’t as good of a day as it could have been.
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Today traders were focused on interest rates. The 10-year yield climbed to levels not seen since 2011, finishing the day at 3.16%. And the 30-year yield jumped to 3.318%, ending at its highest since 2014.
In spite of the afternoon pullback, the DOW managed to end the day with a new record high. This is the 2nd day in a row that the DOW has made a new record.
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Here’s where the major indices ended the day:
- The S&P finished 0.1% higher. Up 2 points, the S&P ended at 2,926.
- The DOW ended with a 0.2% gain. Adding 54 points, the DOW closed at 26,828.
- The NASDAQ was up 0.3%. With a 26 point gain, the NASDAQ finished at 8,025.
- Bitcoin finished 1.5% lower. Down $95, Bitcoin ended at $6,410.
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Crude Oil (CL) rallied to multi-year highs today, finishing higher for the 4th out of the last 5 trading session. Up 1.5%, CL ended at $76.39 a barrel. Today’s Crude Oil Inventories showed an 8 million barrel increase in U.S. stockpiles compared to the 1.1 million barrel increase expected.
General Motors (GM) jumped 2.1% after news that it will partner with Honda (HMC) to build a self-driving car. Honda dropped 3.6% after the news.
In earnings news, Lennar (LEN) lost 1.1% after worse than expected earnings. The homebuilder cut its forecast for Q4 deliveries and orders, because of a slower market and Hurricane Florence.
Source: RockwellTrading by Markus Heitkoetter | Original Link