Stocks rallied today, and the S&P finished with its best close since August 1st.
News from Asia helped today’s rally.
But this time it was news out of Hong Kong…Hong Kong agreed to withdraw a controversial extradition bill that resulted in months of protests.
The news helped the Hang Seng index rally 3.9% and was seen as a positive, although indirect development related to U.S.-China trade talks.
The major indices opened higher and then pulled back a little. But a late morning surge and afternoon rally helped stocks finish near highs of the day.
The NASDAQ led the way, with tech stocks like Micron Technology (MU – up 4.1%) helping today’s tech rally.
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Here’s where the major indices ended the day:
- The S&P finished with a 1.1% gain. Up 32 points, the S&P ended at 2,938.
- The DOW ended higher by 0.9%. Adding 237 points, the DOW closed at 26,355.
- The NASDAQ was up 1.3%. With a 103 point gain, the NASDAQ finished at 7,977.
Crude Oil (CL) bounced back after 3 consecutive losing days. With a 2.7% gain, CL ended at $55.40 a barrel.
There were some upsets in spite of today’s market rally.
American Eagle Outfitters (AEO) lost 11.6% after issuing disappointing guidance. And Tyson Foods (TSN) dropped 7.8%.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link