Stock Market Update Wednesday, December 18th, 2019
The major indices finished mixed after another quiet trading session.
With a slightly higher open, stocks rallied. But then stocks pulled back and were in negative territory.
After some morning choppiness stocks were sideways. Then a dip in the last 15 minutes of trading left the major indices mixed – the S&P and DOW ended slightly negative, while the NASDAQ managed to close with a new record.
With today’s loss, the S&P’s 5-day win streak comes to an end. But the NASDAQ’s win streak continues at 6 consecutive days.
Yesterday, the S&P traded in the smallest range of the year. And with a range of 7.3 points today, the S&P saw its 2nd smallest range of the year.
Here’s where the major indices ended the day:
- The S&P finished with a small loss. Down a point, the S&P ended at 3,191.
- The DOW ended lower by 0.1%. Dropping 28 points, the DOW closed at 28,239.
- The NASDAQ was up 0.1%. With a 7 point gain, the NASDAQ finished at 8,830.
Crude Oil (CL) was down early but bounced back after today’s Crude Oil Inventories.
Today’s inventories showed a 1.1 million barrel decrease in U.S. stockpiles compared to the 1.5 million barrel decrease that was expected. Down a penny, CL ended the day at $60.93.
Yesterday, FedEx (FDX) made headlines after reporting weaker than expected earnings after the bell. The company lowered its profit outlook because of economic conditions and competition from Amazon (AMZN). Today FedEx finished lower by 10.0%.
On the other hand, General Mills (GIS) finished higher by 1.9% after reporting a quarterly profit that beat expectations.
And Cigna (CI) jumped 2.4% after agreeing to sell its group life and disability insurance business to New York Life.
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.