Stocks snap 2-day losing streak, but S&P stays below key 2,800 level – Here’s what you need to know…

Stock Market Update Thursday, May 30th, 2019

Stocks ended their 2-day losing streak in a back and forth trading session today.

The major indices opened the day with a small gain. And a little over an hour into the trading day, stocks were trading at session highs.

A pullback during lunch and another in the afternoon brought the major indices to session lows. But a rally in the last hour of trading lifted stocks, and the major indices finished the day with its first win of the week.

Today the S&P found support at its 200-day moving average (a key technical level for traders). But the index wasn’t able to pop back above the 2,800 mark.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.2% gain. Up 6 points, the S&P ended at 2,789.
  • The DOW ended higher by 0.2%. Adding 43 points, the DOW closed at 25,170
  • The NASDAQ was up 0.3%. With a 20 point gain, the NASDAQ finished at 7,568.

Crude Oil (CL) was down big today, finishing at lows not seen in 3 months. Down 4.1%, CL ended at $56.39 a barrel.

Dollar General (DG) was up nicely today. The stock surged 7% after crushing earnings results.

Uber (UBER) is up 2.5% in after-hours trading after reporting only a billion dollar loss in its first earnings call after becoming an IPO. YES, a BILLION dollar loss. The loss was in-line with expectations and revenue of $3.1 billion was slightly better than expected.

And this afternoon President Trump announced that the U.S. will impose a 5% tariff on all Mexican imports on June 10th. Saying that tariffs will continue to increase until the illegal immigration problem is remedied.

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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