Market Recap for Wednesday, July 19th, 2017
The major indices made new entries in the record books today, with better than expected earnings driving stocks higher.
Morgan Stanley (MS) was one stock that benefited nicely because of strong earnings. With better than expected trading revenue, MS finished 3.3% higher.
Although earnings have been pretty strong this week, this wasn’t the case for IBM. The company missed expectations, reporting declining revenue for the 21st straight quarter. With a 4.2% loss, IBM held the DOW back.
But the DOW was still able to finish with a new record, beating Friday’s record close by just 3 points.
The NASDAQ led today’s rally with a 0.6% gain. With its 9th winning day in a row (the longest win streak in two years), the NASDAQ joined the S&P and DOW with a new record high.
Here’s where the major indices ended the day:
- The S&P finished 0.5% higher. Adding 13 point, the S&P ended at 2,474.
- The DOW ended 0.3% higher. Up 66 points, the DOW closed at 21,641.
- The NASDAQ was up 0.6%. Adding 41 points, the NASDAQ finished at 6,385.
Crude Oil (CL) finished higher for the 2nd day in a row. Today’s Crude Oil Inventories showed a 4.7 million drop in U.S. stockpiles (vs. the 3.6 million decrease expected). Rallying on the report, CL finished with a 1.6% gain at $47.31 a barrel.
Earnings will remain in the spotlight tomorrow. Traders also have policy reports from the Bank of Japan, and the European Central Bank to take into consideration before tomorrow’s open.
Looking at the economic calendar we have Unemployment Claims and the Philly Fed Manufacturing Index at 8:30am ET to keep an eye on.
This Week’s Economic Calendar
Real Time Economic Calendar provided by Investing.com.
Have a great trading week!