Stock Market Update Wednesday, January 9th, 2019
Stocks finished the day higher. That makes the winning streak 4 days in a row!
But it was another back and forth day.
In the morning, stocks pulled back after a higher open, then turned negative just before 11am ET. But the major indices turned on a dime and rallied ahead of today's Fed Minutes release.
At 2pm ET, minutes from December's Fed policy meeting were released. The minutes showed that the Fed could "afford to be patient about further policy firming" since we don't have any major inflation concerns.
Stocks hit highs after the minutes. But the major indices pulled back after a tweet from President Trump said today's meeting with Congressional Democrats was a "total waste of time."
Although government shutdowns usually don't have a big impact on the markets, there are some adjustments being made by major firms. Analysts at JP Morgan have said that for every week the shut down lasts the annualized GDP is likely to drop by 0.1-0.2%.
Here's where the major indices ended the day:
- The S&P finished with a 0.4% gain. Up 11 points, the S&P ended at 2,585.
- The DOW ended higher by 0.4%. Adding 92 points, the DOW closed at 23,879.
- The NASDAQ was up 0.9%. With a 60 point gain, the NASDAQ finished at 6,957.
- Bitcoin finished higher by 0.3%. Up $10, Bitcoin ended at $3,990.
Crude Oil (CL) finished higher for the 8th day straight. Up 5.1%, CL ended at $52.33 a barrel. Crude oil is up 15.1% this year!
Talks with China wrapped up on a positive note today.
A statement from the United States Trade Representative said the talks "focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States."
Micron (MU) was up nicely today after an upgrade. The stock finished with a 5.0% gain.
Homebuilder Lennar (LEN) reported worse than expected earnings. The stock initially dropped after the report claimed that slower demand in the U.S. housing market had an impact on Q4 earnings. But the stock bounced back and finished the day higher by 7.9% when company executives said that they are optimistic, because of improved consumer confidence and wage growth.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.