DOW above 27,000 for the first time ever! – Here’s what you need to know…

Stock Market Update Thursday, July 11th, 2019

It was another day for the record books.

The S&P pulled back after trading within a point of its all-time high. But the index still manged to end the day with its best close ever.

This time it was the DOW leading the way.

After trading past the 27,000 for the first time ever, the DOW soared! The DOW finished the day with a new record high and record close. 

But in a surprising move, the NASDAQ struggled as it approached yesterday’s record highs, then finished with a small loss.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.2% gain. Up 7 points, the S&P ended a 1/10th of a point below 3,000.
  • The DOW ended higher by 0.9%. Adding 228 points, the DOW closed at 27,088.
  • The NASDAQ was down 0.1%. With a 6 point loss, the NASDAQ finished at 8,196.

Crude Oil (CL) was pretty quiet after yesterday’s big rally. With a 0.3% loss, CL ended at $60.25 a barrel. 

Today Fed Chair Powell testified in front of the Senate Banking Committe. Powell basically reiterated his position from yesterday’s testimony.

And after Powell’s comments, traders are still counting on a rate cut at the July meeting. The CME Fedwatch Tool continues to show a 100 percent probability of a cut in July.

Is President Trump picking a fight a with Facebook and crypto traders?

Today Trump said that he is “not a fan of cryptocurrencies” and suggested that Facebook be regulated as a bank if the company wants to create its own cryptocurrency (Facebook recently announced plans to launch its own digital currency called the Libra). The President also said that the “dependable and reliable” US dollar should be the only currency in the USA. 

Today Facebook (FB) rallied to highs of the year but finished the day with a 0.7% loss.

United Health (UNH) was a big reason behind today’s move in the DOW.

The stock finished higher with a 5.5% gain. The move came after news that the White House was dropping a proposal that would eliminate drug rebates. CVS Corporation (CVS) and CIGNA (CI) were also up nicely on the news, up 4.7% and up 9.2% respectively,

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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