Attacks on oil tankers and stocks move higher? – Here’s what you need to know

Stock Market Update Thursday, June 13th, 2019

Yesterday stocks finished lower and Crude Oil (CL) took a beating.

But today’s moves were the exact opposite after two attacks on oil tankers in the Gulf of Oman sent CL higher. Oil soared and the U.S. blamed the attacks on Iran.

Instead of the uncertainty in the Middle East hurting stocks, higher oil prices helped energy stocks and the major indices traded higher.

Stocks were up at the open and rallied to session highs in the first 20 minutes of trading.

But after the strong start trading was sideways all day long.

In the last 5 minutes of trading, a push higher helped stocks close near highs of the day.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.4% gain. Up 12 points, the S&P ended at 2,892.
  • The DOW ended higher by 0.4%. Adding 102 points, the DOW closed at 26,107.
  • The NASDAQ was up 0.6%. With a 44 point gain, the NASDAQ finished at 7,837.

Crude Oil (CL) bounced back on news of the tanker attacks. At one point CL was higher by 4.5% but eventually finished with a 2.4% gain at $52.36 a barrel.

Disney (DIS) was up big after Morgan Stanley raised its price target on the stock ($135 up to $160). The stock finished higher by 4.4%.

Twitter (TWTR) on the other hand took a beating after a lowered price target, ending the day down 3.1%.

In earnings news, Restoration Higher (RH) jumped 15.8% after better than expected earnings.

Tomorrow retail will be in the spotlight

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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