Market Recap for Monday, July 17th, 2017
On Friday, the DOW and S&P closed at record highs for the 25th time this year. Today traders were hoping the indices could make it 26, but the S&P and DOW fell short.
Trading in less than a 6 point range, the S&P traded in one of the smallest ranges of the year. With little to move the markets, stocks were sideways and the major indices finished flat.
Here’s where the major indices ended the day:
- The S&P finished flat. The S&P ended at 2,459.
- The DOW ended flat. Down just 8 points, the DOW closed at 21,630.
- The NASDAQ was flat. Adding just 2 points, the NASDAQ finished at 6,314.
Crude Oil (CL) had its 5-day win streak come to an end today. With a 1.1% loss, CL finished at $46.02 a barrel.
The Senate announced it will delay the health care vote once again. This time because Senator John McCain is recovering from surgery for a blood clot.
Republicans are having a tough time trying to get enough votes for the latest bill to pass. A poll by Bloomberg shows that Health Care is the most important issue in the country right now, but most Americans don’t like the way President Trump is handling it (according to 64% of those polled). Traders are anxious to move past the health care debate so Republicans can focus their attention on tax reform…a topic that is expected to have a much bigger impact on the markets.
Bitcoin lost 14%, dropping below $2,000 for the first time since May. The cryptocurrency has struggled since topping $3,000 in June.
This week traders will focus on earnings. There are no major reports scheduled for tomorrow’ economic calendar.
This Week’s Economic Calendar
Real Time Economic Calendar provided by Investing.com.
Have a great trading week!