Stock Market Update Wednesday, July 3rd, 2019
The fireworks came early today!
The day before the 4th of July is typically a quiet half day of trading.
But even though markets closed early, stocks were on the move and making new records!
After a strong start, stocks rallied and never looked back, eventually closing at session highs.
Why the rally? – Jobs.
Todays ADP Non-Farm Employment numbers came in at 102,000. This was below the 140,000 forecast and traders believe that the disappointing jobs data makes it easier for the Fed to cut rates.
Both the S&P and DOW made new record highs and closed with new records. The DOW closed just 34 points away from the 27,000 mark, and the S&P came within 2 points of 2,800.
The NASDAQ had its best close ever, coming 6 points away from its record high set on April 29th.
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 2,996.
- The DOW ended higher by 0.7%. Adding 179 points, the DOW closed at 26,966.
- The NASDAQ was up 0.8%. With a 61 point gain, the NASDAQ finished at 8,170.
Crude Oil (CL) made a small dent in yesterday’s loss. With a 1.8% gain, CL ended at $57.28 a barrel.
This morning President Trump sent a tweet urging the Fed to “match” monetary policies in China and Europe.
The President tweeted “China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games – as they have for many years!”
Tesla (TSLA) opened up strong after, announcing record deliveries in the 2nd quarter. The stock was higher by 6.6% at the open and rallied. But after some profit-taking TSLA ended with a 4.6% gain.
And Symantec (SYMC) got a boost today after Bloomberg reported that Broadcom (AVGO) is looking to acquire the company. AVGO dropped 3.5% and SYMC was up 13.6% on the news.
Markets are closed tomorrow for Independence Day.
Have a safe and happy 4th of July!!!
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.