Stock Market Update Thursday, May 16th, 2019
Stocks opened higher this morning and never looked back.
Positive earnings from companies like Walmart (WMT) and Cisco (CSCO) were one reason stocks rallied.
The major indices were up nicely at the open, then continued to rally all morning. Stocks hit session highs during lunch, then moved sideways. There was a small pullback in the afternoon but it wasn’t enough to do any real damage.
With today’s gains, the major indices have erased most of the losses experienced this week.
Here’s where the major indices ended the day:
- The S&P finished with a 0.9% gain. Up 25 points, the S&P ended at 2,876.
- The DOW ended higher by 0.8%. Adding 215 points, the DOW closed at 25,863.
- The NASDAQ was up 1.0%. With a 76 point gain, the NASDAQ finished at 7,898.
Crude Oil (CL) finished higher for the 3rd day in a row. Up 1.6%, CL ended at $63.00 a barrel.
Walmart (WMT) finished 1.4% higher after an earnings beat.
Cisco (CSCO) was another earnings winner, up 6.7% after better than expected numbers.
Boeing (BA) had a winning day today. The stock rallied 2.4%, adding to yesterday’s gains after reports that the company has completed the software update for its 737 Max planes.
Nivida (NVDA) is up almost 7.0% in after-hours trading after reporting earnings that beat expectations.
Pinterest (PINS) also reported after the bell. In its first earnings report since becoming an IPO, the company announced better than expected sales but weaker than expected revenue guidance. PINS is getting hammered in after-hours trading, down more than 15%.
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.