Is the White House trying to kill cryptos? – Here’s what you need to know…

Stock Market Update Monday, July 15th, 2019

Stocks finished the day with new records after barely hanging on to today’s early gains.

The major indices were up big at the open. 

But after making record highs in earning trading, the major indices quickly dropped. 

Stocks briefly turned negative midday. But a final push higher at the end of the session helped the major indices close with new records.

Here’s where the major indices ended the day:

  • The S&P finished flat. Up just a half a point, the S&P ended at 3,014.
  • The DOW ended higher by 0.1%. Adding 27 points, the DOW closed at 27,359.
  • The NASDAQ was up 0.2%. With a 14 point gain, the NASDAQ finished at 8,258.

Crude Oil (CL) approached 2-month highs then dropped. With a 1.2% loss, CL ended at $59.50 a barrel. 

Symantec (SYMC) suffered a 10.7% loss after reports that Broadcom’s (AVGO) talks to acquire the company have broken down. AVGO ended higher by 1.0%.

Bitcoin dropped 9.1% over concerns that the White House is targeting cryptos. Bitcoin was down as much as 17.3%.

The slide comes after Treasury Security Steven Mnuchin said that Facebook’s (FB) proposed digital currency could be used by terrorists. And last week, President Trump said that he’s not a fan” of cryptos and suggested that Facebook might need to operate as a bank if the company is going to move forward with its crypto plans. Facebook was down 0.5% today.

Today Citigroup (C) kicked off Q2 earnings season. The bank reported better than expected earnings but finshed with a small 0.1% loss.

JP Morgan Chase (JPM), Morgan Stanley (MS), Bank of America (BAC) and Goldman Sachs (GS) are all scheduled to report this week.

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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