Stock Market Update for Monday, May 14th, 2018
It was a quiet start for the week with stocks slightly higher.
Trading got off to a positive start with the major indices up at the open. But after a sideways morning, stocks pulled back early afternoon.
The major indices were sideways for most of the afternoon. Although the midday drop erased most of today's early gains, stocks managed to finish in positive territory.
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 2,730.
- The DOW ended 0.3% higher. Adding 68 points, the DOW closed at 24,899.
- The NASDAQ was up 0.1%. With an 8 point gain, the NASDAQ finished at 7,411.
- Bitcoin ended 4.9% higher. Adding $410, Bitcoin is trading at $8,845.
Crude Oil (CL) rallied back above the $71 mark. Up 0.4%, CL ended at $71.01 a barrel.
Symantec (SYMC) made a bit of a comeback after Friday's 33.0% loss. The stock was slammed on Friday after a former employee raised security concerns. SYMC was up 9.6% today.
In an interesting turn of events, President Trump instructed the Commerce Department to lift a trade ban on Chinese Phone Company ZTE. Trump tweeted that he was working with the President of China on a way to get the company "back into business fast." Last month trump banned American companies from selling parts to ZTE which put 80,000 Chinese jobs in jeopardy.
The move helped ease U.S.-China trade concerns. And the goodwill trickled down to other stocks as well...news that Chinese regulators were going to reconsider Qualcomm's (QCOM) attempt to acquire NXP Semiconductors (NXPI) sent the two stocks higher. The companies were up 2.7% and 11.9% respectively.
Here's the economic calendar for this week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.