Trade War Truce sends S&P 500 to record highs – Here’s what you need to know…

Stock Market Update Monday, July 1st, 2019

Stocks kicked off the week with a bang!

After opening at record highs, stocks rallied out of the gate.

With the Trump/Xi meeting out the away traders seemed to be nothing but bullish…Even though there weren’t any big wins on trade over the weekend, just a “truce” that will hopefully keep the trade war from escalating.

But there was also some profit taking in spite of the strong open. 

Fifteen minutes into trading, stocks pulled back and continued to work their way lower throughout the session. But a rally in the last hour of trading helped the major indices close well off of the session’s lows.

Although the S&P pulled away from record highs, the index still managed to finish the day with a new record close.

Here’s where the major indices ended the day:

  • The S&P finished with an 0.8% gain. Up 23 points, the S&P ended at 2,964.
  • The DOW ended higher by 0.4%. Adding 117 points, the DOW closed at 26,717.
  • The NASDAQ was up 1.1%. With an 85 point gain, the NASDAQ finished at 8,091.

Crude Oil (CL) was all over the place, trading in a $1.60 range. With a 1.2% gain, CL ended at $59.18 a barrel. 

The NASDAQ led the way today, with chipmakers getting a boost after Saturday’s meeting between President Trump and President Xi of China.

During the meeting, President Trump said he will ease restrictions on American companies that sell to Chinese telecom Huawei.

Micron Technology (MU) was up 3.9% on the day and Qualcomm (QCOM) jumped 1.9%.

Looking at the week ahead, major exchanges close early on Wednesday and are closed Thursday for the 4th of July holiday.

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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