Stock Market Update Wednesday, February 27th, 2019
Stocks opened lower and continued to drop in the morning. But after making lows around 10:30am ET, the major indices started to rally.
The move higher continued throughout the day and erased most of the earlier losses. But in spite of the move higher, the major indices finished the day with small losses.
It was a busy day for news and geopolitical events. President Trump met with Kim Jong-un in Vietnam, President Trump’s former lawyer Michael Cohen testified before the House Oversight Committee, Fed Chair Powell testified, and tensions heated up between India and Pakistan.
There was a lot that COULD have moved the markets. But in the end, didn’t.
Here’s where the major indices ended the day:
- The S&P finished with a 0.1% loss. Down 2 points, the S&P ended at 2,792.
- The DOW ended lower by 0.3%. Dropping 73 points, the DOW closed at 25,985.
- The NASDAQ was up 0.1%. With a 5 point gain, the NASDAQ finished at 7,555.
Crude Oil (CL) was higher for the 2nd day in a row. Up 2.7%, CL finished at $56.98 a barrel.
In earnings news, retail was the focus.
Lowes (LOW), Best Buy (BBY), TJX Companies (TJX) all beat expectations. The stocks were higher by 2.5%, 14.1%, and 3.7% respectively.
But Weight Watchers (WTW) wasn’t so lucky.
The stock plunged 34.5% after disappointing earnings. Oprah’s stake in the company is a little slimmer now, at least the total value is, Oprah lost more than $48 million with today’s drop.
Tesla (TSLA) was in the spotlight again. This time because Elon Musk tweeted that there will be a special announcement at 2pm ET on Thursday. The stock jumped 5.7% today.
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.