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.