Stock Market Update Thursday, October 10th, 2019
Make no mistake about it. Right now it’s all about trade.
Yesterday evening, news out of China sent the E-Mini S&P lower by 1.0%. The reports said that there had been no progress on a trade deal with early talks, and that Chinese Vice Premier Liu He might be cutting is trip short.
But after a wild overnight trading session, with swings of 1.0% back and forth in the E-Mini S&P, President Trump helped stabilize markets by tweeting “Big day of negoations with China. They want to make a deal, but do I? I meet with the Vice Premier tomorrow at the White House.”
Just the idea that the Trump and Vice Premier Liu He were still meeting seemed to be a positive after last night’s big swings. In fact, stocks rallied all morning after the open.
There was a small pulback during lunch. But the major indices finished strong with another rally in late trading.
Here’s where the major indices ended the day:
- The S&P finished with a 0.6% gain. Up 19 points, the S&P ended at 2,938.
- The DOW ended higher by 0.6%. Adding 151 points, the DOW closed at 26,497.
- The NASDAQ was up 0.6%. With a 45 point gain, the NASDAQ finished at 7,949.
Crude Oil (CL) opened the day higher and rallied. With a 1.9% gain, CL ended at $53.61 a barrel.
Caterpillar (CAT), a stock that could benefit greatly from a trade deal, was up 2.7% today.
And Apple (AAPL) continued its march towards record highs with a 1.4% gain.
Netflix (NFLX) was also a big winner today, up 4.8% even though two analysts cut their price targets for the stock.
And then there was a big move in Bed Bath & Beyond (BBBY). The stock jumped 21.6% on news that the company has appointed former Target exec Mark Tritton as its President and CEO. BBBY has had a rough few years. Since October 2016 the stock is down more than 70%.
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.