Stocks higher as a quarter of struggles finally ends

Stock Market Update Monday, September 30th, 2019

Stocks were lower Friday after news that the White House is considering restrictions on investment in China.

But today stocks were higher after a Peter Navarro, a trade advisor, said that Friday’s report was mostly false. And over the weekend a spokeswoman for the Treasury said that the White House is NOT looking to remove Chinese companies from major U.S. exchanges “at this time.”

Stocks were higher at the open and continued to rally from morning into lunch.

The major indices were quiet and sideways mid-day, then pulled back slightly into the close.

Today was the last trading day of September and also the 3rd quarter.

Although stocks retreated slightly from their mid-month push towards record highs, the major indices bounced back nicely following August’s losses.

The S&P finished the month with a 1.7% gain, the DOW was up 2.0% for the month, and the NASDAQ was higher by 0.4%.

For the 3rd quarter the S&P and DOW were up 1.1% while the NASDAQ ended with a 0.1% loss.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.5% gain. Up 15 points, the S&P ended at 2,977.
  • The DOW ended higher by 0.4%. Adding 97 points, the DOW closed at 26,917.
  • The NASDAQ was up 0.7%. With a 58 point loss, the NASDAQ finished at 7,997.

Crude Oil (CL) dropped for the 5th day in a row. With a 3.2% loss, CL ended at $54.14 a barrel. After today’s losses, CL has completely closed the gap experienced following the Saudi oil refinery attacks (retreating 13.5% since the day after the attacks).

Apple (AAPL) was a big mover today after JP Morgan raised its price target for the stock. AAPL finished the day with a 2.4 gain%.

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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