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.