Stock Market Update Wednesday, May 15th, 2019
Trading got off to a rough start this morning after disappointing Retail Sales data. The pre-market report showed that retail sales fell 0.2% in April (analysts expected an 0.2% increase).
The major indices began the day with losses. But then some positive trade news helped lift stocks.
Here’s what happened today:
- There were rumors that President Trump might delay auto tariffs for up to 6 months.
- There was also news that the U.S. appears to be close to resolving a dispute over tariffs on aluminum and steel with Canada and Mexico.
Investors seemed to like the news. The DOW erased a 190 point drop and the major indices finished higher for the 2nd day in a row.
Here’s where the major indices ended the day:
- The S&P finished with a 0.6% gain. Up 17 points, the S&P ended at 2,851.
- The DOW ended higher by 0.5%. Adding 116 points, the DOW closed at 25,648.
- The NASDAQ was up 1.1%. With an 88 point gain, the NASDAQ finished at 7,822.
Crude Oil (CL) finished higher after finding support at $62.00. Up 0.4%, CL ended at $62.04 a barrel.
Automakers responded positively to the possibility of a delay in auto tariffs. Ford (F) jumped 1.2% and General Motors (GM) was up 0.9%.
Beyond Meat (BYND) had another huge day. This time adding 9.2% and hitting a record high after the coffee chain Tim Hortons said it will add Beyond Meat to its menu.
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.