Market Recap for Thursday, April 20th, 2017
Stocks bounced right back today.
After a higher open, stocks were sideways in the morning. But an afternoon rally helped lead the major indices to session highs.
Today's optimism was fueled by reports that the Freedom Caucus is now on board with Trumpcare.
The Freedom Caucus was a key reason Republicans didn't have enough votes with the first go around. But it now sounds like they're ready to repeal and replace Obamacare - which means that tax reform could be coming soon (a topic traders LOVE). In fact, Treasury Secretary Steven Mnuchin said tax reform plan was coming "very" soon!
Here's where the major indices ended the day.
- The S&P finished with a 0.8% gain. Up 18 points, the S&P ended at 2,356.
- The DOW had a 0.9% gain. Up 174 points, the DOW closed at 20,579.
- The NASDAQ finished 0.9% higher. With a 54 point gain the NASDAQ finished at 5,917.
While the S&P and DOW have struggled this week, the NASDAQ has looked great. The NASDAQ is up 1.9% for the week, trading just 20 points below its all-time high.
Crude Oil (CL) continued its slide, finishing lower for the 4th consecutive day. Down 0.4%, CL ended at $50.66 a barrel.
Tomorrow's economic calendar includes Fed Member Kashkari Speaking at 9:30am ET and Existing Home Sales at 10:00am ET.
This Week's Economic Calendar
Real Time Economic Calendar provided by Investing.com.
Have a great trading week!