Stock Market Update for Wednesday, October 11th, 2017
It was business as usual for stocks today...Another day another new record!
After a slow start, the major indices rallied in the afternoon. And by the end of the session, the NASDAQ had closed above 6,600 for the first time ever and the S&P and DOW were trading at record highs.
Today traders kept a close eye on the FOMC Meeting Minutes.
Traders hoped that the Fed would share new information on when they plan to raise rates. But last month's meeting minutes didn't reveal anything new.
The minutes did show that fed officials still believe another rate hike should be expected this year. The minutes also showed that some members voiced their concerns over the Fed's 2% inflation target being difficult to maintain.
Here's where the major indices ended the day:
- The S&P finished with a 0.2% gain. Up 5 points, the S&P ended at 2,555.
- The DOW ended 0.2% higher. Adding 42 points, the DOW closed at 22,873.
- The NASDAQ was up 0.3%. With a 16 point gain, the NASDAQ finished at 6,604.
Crude Oil (CL) experienced a volatile session with OPEC raising its forecast for global demand. Non-OPEC countries have stepped up to meet the challenge too, increasing their output by 31,000 barrels a day. Crude Oil finished with a 0.7% gain at $51.26 a barrel.
General Electric (GE) dropped for the third day in a row. The stock continues to struggle after the company announced (last Friday) that its CFO and two top executives were leaving. GE shares lost 1.2% today and is down 5.4% this week.
Looking at tomorrow we have big names like JP Morgan (JPM) and Citigroup (C) reporting earnings. We also have a busier economic calendar.
Here are tomorrow's key reports: PPI Data and Unemployment Claims at 8:30am ET, FOMC Member Brainard & Powell Speaking at 10:30am ET, and Crude Oil Inventories at 11:00am ET.
This Week's Economic Calendar
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.