Market Recap for Wednesday, September 13th, 2017
It was a slow trading day with all eyes on Apple (AAPL) again. After yesterday's big Apple event and the unveiling of the new iPhones, traders were anxious to see today's reaction. And by the end of the session, AAPL was trading with a 0.8% loss.
Although the biggest company in the U.S. was negative, AAPL couldn't keep the major indices down. With a final push into positive territory in the last 10 minutes of the trading session, the major indices finished higher across the board.
The S&P closed at a new record high. The DOW had its best close ever and came within 0.1% (21 points) of its record high. Meanwhile, the NASDAQ finished the session with a new record close but traded just a half a point away from its all-time high.
Here's where the major indices ended the day:
- The S&P finished with a 0.1% gain. Up 2 points, the S&P ended at 2,498.
- The DOW ended 0.2% higher. Adding 39 points, the DOW closed at 22,158.
- The NASDAQ was up 0.1%. With a 6 point gain, the NASDAQ finished at 6,460.
Crude Oil (CL) finished higher for the 3rd day in a row. Up 2.2%, CL ended at $49.30 a barrel. Today's Crude Oil Inventory release showed a 5.9 million barrel increase in U.S. stockpiles vs. the 4.1 million barrel increase expected.
Bitcoin was in the news today after JP Morgan's CEO Jamie Dimon slammed the cryptocurrency. Dimon said that Bitcoin is a "fraud" and that he'd fire any of his traders for being "stupid" if they were caught trading Bitcoin (it's also against company rules).
Bitcoin had a huge August and was trading near $4,933 at the beginning of this month. But today Bitcoin is at $3929, down 6.5% today after Dimon's comments.
Tomorrow's economic calendar features CPI Data and Unemployment Claims at 8:30am ET.
This Week's Economic Calendar
Real Time Economic Calendar provided by Investing.com.
Have a great trading week!