Stock Market Update Thursday, October 24th, 2019
Today was the busiest day of earnings season. And it was a wild one!
The major indices kicked off the day with gains. But after making session highs, stocks retreated.
And just 30 minutes into the trading day stocks were negative.
After early losses stocks bounced back, then chopped around mid-day. An afternoon rally helped the major indices work their way back towards session highs. But by the end of the day stocks were mixed.
With a positive close, the S&P is just 0.6% away from record highs.
But the DOW ended the day negative after another choppy trading day (the DOW has closed in less than a 50 point range every day this week).
Here’s where the major indices ended the day:
- The S&P finished with a 0.2% gain. Up 6 points, the S&P ended at 3,010.
- The DOW ended lower by 0.1%. Dropping 28 points, the DOW closed at 26,806.
- The NASDAQ was up 0.8%. With a 66 point gain, the NASDAQ finished at 8,186.
Crude Oil (CL) rallied for the 3rd day in a row. Up 0.6%, CL ended at $56.30 a barrel.
Microsoft (MSFT) was up nicely today after a solid earnings report. The stock ended the day with a 2.0% gain.
Tesla (TSLA) had a huge day after reporting better than expected earnings. The stock was up 17.7% and hit $300 a share for the first time since March.
But Twitter (TWTR) wasn’t so fortunate. The stock lost 20.8% on an earnings miss.
And in after-hours trading Amazon (AMZN) is getting crushed. The stock is down more than 9% after reporting disappointing earnings numbers.
Will this year be the best year for the markets, ever?
Here’s an interesting tidbit…2019 is setting up to the be the first year EVER where stocks, bonds, gold, and crude oil all finish the year with double-digit returns (according to LPL Financial).
With about 2 months left in the year, the S&P is up 20%, Gold is up more than 14%, Crude Oil is up 20% and 30-year Bonds are up 11%.
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.