Stock Market Update Monday, November 18th, 2019
Stocks hit new highs then pulled back today on mixed news.
Over the weekend there were reports that the U.S. and China had “constructive” trade talks. But today CNBC reported that China is pessimistic about a deal because of President Trump’s unwillingness to roll back existing tariffs.
But on a positive note, the White House issued a 90-day extension, allowing U.S. companies to do business with Chinese telecom Huawei.
Stocks chopped around in the morning, then traded at new records around lunch.
There was a small rally in the afternoon then a dip back into negative territory.
But a push higher in the last 15 minutes of trading helped the S&P, DOW and the NASDAQ finish with new records.
Here’s where the major indices ended the week:
- The S&P finished with a 0.1% gain. Up 2 points, the S&P ended at 3,122.
- The DOW ended higher by 0.1%. Adding 31 points, the DOW closed at 28,036.
- The NASDAQ was up 0.1%. With a 9 point gain, the NASDAQ finished at 8,549.
Crude Oil (CL) finally opened lower and in a small 32 cent range today. With a 0.7% loss, CL finished the day at $57.33 a barrel.
Over the last few weeks, Xerox (XRX) has been on fire, after news that Hewell Packard (HPQ) considered acquiring the company. But over the weekend the takeover bid was rejected by HP’s board. HP finished the day with ab 0.8% loss and XRX was down at the open but finished the day with a 0.9% gain.
Looking at the economic calendar, things are quiet this week. Wednesday’s Fed Minutes at 2pm ET will likely attract the most attention from traders.
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.