Stock Market Update Monday, August 19th, 2019
Stocks kicked off the week with a bang today!
The major indices were up nicely at the open. There was a small pullback early morning, then a rally to fresh highs heading into the afternoon.
Today Commerce Secretary Wilbur Ross said that the U.S. is extending a license for Chinese telecom Huawei. The extension will allow the company to do business with U.S. firms for another 90 days.
That was about the only real news on the U.S.-China fight, but it was good enough.
Traders responded positively to the news, and companies like Qualcomm (QCOM) up 2.2%, Intel (INTC) higher by 1.8% and Micron Technologies (MU) up 3.4%, jumped on the news.
By the end of the day the major indices were up 1.0%+.
With today’s rally the DOW and NASDAQ cleared some psychological round numbers…26,000 and 8,000 respectively.
Here’s where the major indices ended the day:
- The S&P finished with a 1.2% gain. Up 35 points, the S&P ended at 2,924.
- The DOW ended higher by 1.0%. Adding 250 points, the DOW closed at 26,136.
- The NASDAQ was up 1.4%. With a 107 point gain, the NASDAQ finished at 8,003.
Crude Oil (CL) finished higher for the 2nd session in a row. With a 0.7% gain, CL ended at $56.17 a barrel.
Apple (AAPL) jumped 1.9% after a weekend meeting between CEO Tim Cook and President Trump. According to the President, Cook provided a “compelling argument” for how tariffs would make it tough for Apple to compete with foreign competitors.
And a new survey by the National Association for Business Economics paints a concerning picture. According to the survey, 74% of the economists surveyed see a recession hitting by the end of 2021.
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.