Trump delays deadline – Here’s what you need to know…

Stock Market Update Monday, February 25th, 2019

Stocks managed to end the day higher, but not before giving up a large portion of today’s early gains.

This morning the major indices were up nicely. After a higher open, stocks continued to rally. A little after 11:00am ET stocks were at session highs and the S&P was up almost 0.8%.

Trade news was the big driver today after President Trump announced that he will delay the March 1st tariff deadline.

But after making highs late morning, a slow, steady pullback for the rest of the day erased most of the session’s gains. And stocks finished at lows of the day.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.1% gain. Up 3 points, the S&P ended at 2,796.
  • The DOW ended higher by 0.2%. Adding 60 points, the DOW closed at 26,092.
  • The NASDAQ was up 0.4%. With a 27 point gain, the NASDAQ finished at 7,554.

Crude Oil (CL) retreated and gave up its gains from the last 11 days. With a 2.4% loss, CL ended at $55.55 a barrel. President Trump was active and trying to put pressure on OPEC, tweeting “Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!”

General Electric (GE) was a big mover today. GE was up 6.4% after agreeing to sell its biopharma business Danaher (DHR) for $21.4 billion. DHR ending the day with an 8.5% gain.

This week Fed Chair Powell will be in the spotlight.

Powell is scheduled to testify on Tuesday and Wednesday before the Senate and House. And Thursday evening he will deliver a speech titled “Recent Economic Developments and Longer-Term Challenges” in New York.

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.

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