Dow closes with new record because of Boeing!?

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Stock Market Update Monday, November 11th, 2019

Today Bond markets were closed in observance of Veterans Day. But major U.S. exchanges were open in spite of the bank holiday.

This morning stocks opened lower and quickly slide to session lows. But after the weak open, stocks made a push higher.

Trading was sideways late morning, then a midday rally helped bring stocks to session highs. 

The major indices were quiet in the afternoon. And at the end of the session stocks were mixed.

Although the S&P and NASDAQ couldn’t quite make their way into positive territory, the DOW finished the day with a new record close.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.2% loss. Down 6 points, the S&P ended at 3,087.
  • The DOW ended higher by 0.04%. Adding 10 points, the DOW closed at 27,691.
  • The NASDAQ was down 0.1%. With an eleven point loss, the NASDAQ finished at 8,464.

Crude Oil (CL) struggled to stay above $57 and finished the day with a loss. Down 0.7%, CL ended at $56.83 a barrel.

Boeing (BA) was a big reason for today’s new DOW record. The stock finished with a 4.6% gain after the company said that it expects to resume 737 MAX deliveries in December and that commercial service should start back up in January.

Qualcomm (QCOM) and Cisco (CSCO) both dropped today after analyst downgrades. Qualcomm ended the day with a 2.3% loss and Cisco gave up 1.5% on the news.

Walgreens (WBA) was a winner today after Bloomberg reported that KKR & Co. approached Walgreen’s about going private. Walgreens ended with a 5.1% gain.

Alibaba (BABA) made a new record during its annual Single’s Day. The 1-day shopping event saw $38.4 billion in sales (compared to last year’s $30.8 billion) and brings in more sales than Black Friday and Cyber Monday combined. In spite of the record sales day, BABA finished the day with a 0.2% loss.

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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