Stock Market Update Thursday, November 21st, 2019
Stocks had another rough day of trading.
The major indices dropped after the open and hit session lows about an hour into the trading day.
After the quick slide, stocks bounced back and chopped around for most of the day.
There was a brief push into positive territory in the afternoon. But another slide in the last hour of trading left stocks in negative territory for the day.
With today’s drop, the S&P saw its first 3-day slide since September. And it was the first 3-day drop for the DOW since August.
Here’s where the major indices ended the day:
- The S&P finished with a 0.2% loss. Down 5 points, the S&P ended at 3,104.
- The DOW ended lower by 0.2%. Dropping 55 points, the DOW closed at 27,766.
- The NASDAQ was down 0.2%. With a 21 point loss, the NASDAQ finished at 8,506.
Crude Oil (CL) finished higher for the 2nd day in a row after reports that OPEC production cuts are likely to extend until the middle of 2020. With a 2.8% gain, CL finished the day at $58.58 a barrel, its best close in 2 months.
And the broker wars continue…
First it was the move to $0 commissions. Now it’s all about Mergers & Acquisitions.
TD Ameritrade (AMTD) was in the spotlight today after news that Charles Schwab (SCHW) is looking to acquire the company. TD Ameritrade was one of the hardest hit by the move to $0 commissions. If a deal goes through the two companies will have approximately $5 trillion in combined assets, creating one of the largest brokerages.
Ameritrade was up 16.9% on the news and Schwab finished higher by 7.3%. E-Trade (ETFC), a rival brokerage that some traders believed would be targeted by Schwab, lost 9.3%.
Apple (AAPL) finished lower for the 3rd day in a row and has retreated 2.2% since making record highs on Tuesday.
Speaking of record highs, the House Judiciary Committee passed legislation to make marijuana legal at the federal level. The bill is likely to pass with a full House vote, but could be difficult to pass in the Republican controlled Senate.
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.