Stock Market Update for Wednesday, May 23rd, 2018
This morning things looked pretty ugly. With lingering concerns over the trade situation with the U.S. & China, the major indices dropped overnight and kicked off the session with losses.
But everything changed after today's Fed Minutes.
The minutes from the May FOMC meeting showed that the Fed is looking to raise rates in June. But higher inflation doesn't mean that they need to be as aggressive with future hikes.
Traders loved the news and stocks rallied. By the end of the day, the major indices were higher, making up for yesterday's losses.
Here's where the major indices ended the day:
- The S&P finished with a 0.3% gain. Up 9 points, the S&P ended at 2,733.
- The DOW ended 0.2% higher. Adding 52 points, the DOW closed at 24,887.
- The NASDAQ was up 0.6%. With a 48 point gain, the NASDAQ finished at 7,426.
- Bitcoin ended 6.7% lower. Losing $540, Bitcoin is trading at $7,560.
Crude Oil (CL) finished lower for the 2nd day in a row. With a 0.6% loss, CL ended at $71.8 a barrel. Today's Crude Oil Inventories showed a 5.8 million barrel increase in U.S. stockpiles compared to the 2.5 million barrel decrease that was expected.
Netflix (NFLX) was a big winner today. With a 4.0% gain, Netflix finished at $344.72 - a new record. With today's rally, Netflix is now worth more than cable giant Comcast (CMCSA).
Tiffany & Co (TIF) had an impressive 23.3% gain today. The company hit record highs after better than expected earnings. But Target (TGT) was another story, finishing 5.7% lower after worse than expected numbers.
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.