New record highs! – Here’s what you need to know…

Stock Market Update Thursday, June 20th, 2019

What a difference a day makes!

Yesterday, trading was pretty quiet after the Fed.

But today the major indices rallied overnight and kicked off the day with nice gains.

There was a pullback midday. But a rally in the afternoon helped stocks finish near session highs.

With today’s gains the S&P ended with a new record intraday high and record close.

The DOW made new highs for the year and is just 0.7% away from its record high. The NASDAQ finished with its best close since early May, but is still 1.5% away from its record. 

With stocks higher, they 10-year Treasury yield fell below 2% for the first time since 2016.

Here’s where the major indices ended the day:

  • The S&P finished with a 1.0% gain. Up 28 points, the S&P ended at 2,954.
  • The DOW ended higher by 0.9%. Adding 249 points, the DOW closed at 26,753.
  • The NASDAQ was up 0.8%. With a 64 point gain, the NASDAQ finished at 8,051.

Crude Oil (CL) bounced right back after yesterday’s loss. With a 5.6% gain, CL ended at $53.93 a barrel. Tensions in the Middle East helped fuel the rally after Iran shot down a U.S. drone in international airspace in the gulf.

Slack Technologies (WORK) jumped on its first day of trading. The stock was expected to trade at $26 a share but finished at $38.62, up 48.5% from its projected price.

In earnings news, Carnival (CCL) struggled while most of the market was higher. The stock dropped 7.7% on disappointing guidance.

But Oracle (ORCL) was an earnings winner, up 8.2% on better than expected numbers.

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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