Market Recap for Thursday, May 18th, 2017
Stocks bounced back after the worst single session decline in almost a year.
In early trading, it looked like things were only going to get worse. The sell-off continued overnight, and the major indices opened lower for the 2nd day in a row.
But it looks like traders saw the dip as a buying opportunity.
Led by the NASDAQ, the major indices mounted a comeback and finished the day with gains across the board. But when it comes down to it, today's gains recovered just a fraction of the losses from yesterday.
Here's where the major indices ended the day:
- The S&P finished with a 0.4% gain. The S&P added 9 points and ended at 2,366.
- The DOW ended 0.3 higher. With a 56 point gain, the DOW closed at 20,663.
- The NASDAQ was up 0.7%%. Adding 44 points, the NASDAQ finished at 6,055.
Crude Oil (CL) ended higher for the 2nd day in a row. With a 0.5% gain, CL finished at $49.67.
How bad was it yesterday? According to the Bloomberg Billionaires Index, the world's 500 richest people lost $35 Billion from yesterday's sell-off. Mark Zuckerberg, founder of Facebook (FB), had the roughest day losing $2 billion.
Although we didn't have the huge moves that we did yesterday, one thing is for certain - volatility is back!
Day traders saw bigger ranges and had some nice swings to trade during the trading session. And although the VIX (aka Fear Index) retreated a bit, the VIX remains near highs of the year.
Tomorrow's economic calendar is quiet, with no major report scheduled.
This Week's Economic Calendar
Real Time Economic Calendar provided by Investing.com.
Have a great trading week!