Stock Market Update Thursday, August 8th, 2019
Stocks made an impressive rebound today.
The major indices opened with gains after China reported a surprising increase in year over year exports. The yuan, China’s currency, also held its ground.
After the higher start, stocks rallied all morning. The major indices then drifted higher all day long.
There was a period when the major indices were sideways in the afternoon. But a rally at the end of the day helped stocks finish near session highs.
With today’s gains the S&P and NASDAQ moved into positive territory for the week.
Here’s where the major indices ended the day:
- The S&P finished with a 1.9% gain. Up 54 points, the S&P ended at 2,938.
- The DOW ended higher by 1.4%. Up 371 points, the DOW closed at 26,378.
- The NASDAQ was up 2.2%. With a 176 point gain, the NASDAQ finished at 8,039.
Crude Oil (CL) snapped its 3-day losing streak with a nice win. With a 2.8% gain, CL ended at $52.52 a barrel.
Advanced Micro Devices (AMD) jumped today after the company unveiled a server CPU that impressed investors. The stock was higher by a whopping 16.2%.
In earnings news, Lyft (LYFT) reported better numbers than expected and rallied 3.0%. Roku (ROKU) was also an earnings winner, up 20.9% after a strong report.
But Uber (UBER) is getting hammered in after-hours trading after reporting worse than expected numbers. The stock was down as much as 12% reacting to a disappointing 2nd quarter that saw losses of more than $5 billion.
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.