Stock Market Update Wednesday, January 8th, 2020
If you missed the headlines and don’t have access to an overnight chart, you would have never guessed that markets were in a panic last night.
After news hit that Iran had launched missiles at U.S. and coalition forces in Iraq, index futures plummeted and Gold (GC) and Crude Oil (CL) rocketed higher.
But by the U.S. open, the S&P was slightly higher.
And after President Trump held a press conference saying there were no American casualties and that he was pursuing economic sanctions (instead of a military retaliation), all of the sudden stocks were making record highs!
The S&P made a new record high but finished 4 points lower than the record close set on January 2nd. The DOW traded just shy of its record high and finished with its 2nd best close ever. Meanwhile, the NASDAQ hit and closed at new record highs.
Here’s where the major indices ended the day:
- The S&P finished with a 0.5% gain. Up 16 points, the S&P ended at 3,253.
- The DOW ended higher by 0.6%. Up 161 points, the DOW closed at 28,745.
- The NASDAQ was up 0.7%. With a 61 point gain, the NASDAQ finished at 9,129.
Crude Oil (CL) experienced a crazy 9% swing in the last 24 hours! Crude rallied past $65.50 in overnight trading. But by the end of the session Crude Oil had erased weeks of gains. Down 4.6%, CL finished at $59.82 a barrel.
Gold (GC) was another big mover overnight, trading at multi-year highs and hitting $1613 an ounce. But by the end of the session Gold was down 0.9%, settling at $1560.6.
Boeing (BA) suffered a 1.8% loss after a 737-800 crash in Tehran, Iran. The crash of the Ukraine International plane is being investigated. Although the crash occurred shortly after the missile attacks in Iraq, it appears as though the crash was due to engine failure.
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.