Stocks rallied to new records today, with the tech sector leading the way.
There wasn’t anything of real significance on today’s economic calendar. But optimism over a “Phase One” deal (expected to be signed on Wednesday) and news that the U.S. removed China from its list of currency manipulators helped fuel today’s market rally.
After a higher start, stocks never looked back.
There was a pause in the rally as major indices traded sideways in the afternoon. Then a rally in the last 15 minutes of traded helped the major indices finish the day at highs.
The DOW struggled to make new highs today and lagged behind the major indices with just a 0.3% gain today. But the S&P and NASDAQ made new records.
Here’s where the major indices ended the day:
The S&P finished with a 0.7% gain. Up 23 points, the S&P ended at 3,288.
The DOW ended higher by 0.3%. Up 83 points, the DOW closed at 28,907.
The NASDAQ was up 1.0%. With a 95 point gain, the NASDAQ finished at 9,274.
Crude Oil (CL) dropped for the 5th day in a row. Down 1.5%, CL ended the session at $58.14 a barrel. It was the lowest close for Crude Oil in over a month.
Tesla (TSLA) rocketed higher and hit record highs after an analyst upgrade. The stock traded above $500 for the first time ever and was up 9.8%after Oppenheimer raised its target to $612.
Tomorrow traders will keep eye on earnings from JP Morgan Chase (JPM) and CPI data in the morning at 8:30am ET.
The Phase One deal will also be in the spotlight this week. But unless there are any surprises, optimism over the deal has likely been priced into the market.