Stock Market Update Wednesday, January 15th, 2020
It was another record breaking day for stocks.
The S&P, DOW and NASDAQ all made new record highs after rallying in the morning.
Today the U.S. and China signed Phase One of the trade agreement.
The deal helps curb intellectual property theft and increases Chinese purchases. But the deal does not remove existing tariffs. Full text of the deal was released after the signing, but there weren’t any surprises.
And White House Economic Advisor Larry Kudlow helped with this morning’s rally, saying that the White House plans to unveil more tax cuts this year.
After trading at new records, stocks had a rough afternoon. giving back most of the day’s gains.
But in spite of a rocky afternoon, the major indices finished the day higher. And after trading above 29,000 twice in the last three trading days, the DOW finally managed to close above the 29,000 mark.
Here’s where the major indices ended the day:
- The S&P finished with a 0.2% gain. Up 6 points, the S&P ended at 3,289.
- The DOW ended higher by 0.3%. Up 91 points, the DOW closed at 29,030.
- The NASDAQ was up 0.1%. With a 7 point loss, the NASDAQ finished at 9,259.
Crude Oil (CL) dropped after flirting with the $58 mark for most of the day. Down 0.6%, CL ended the session at $57.91 a barrel.
In earnings news, Bank of America (BAC) beat expectations but finished the day with a 1.8% loss.
And Target (TGT) lost 6.6% after reporting disappointing holiday same-store sales.
With earnings season kicking off, earnings from S&P 500 companies are expected to be lower. According to FactSet, S&P 500 earnings are believed to have fallen 2% in Q4 on a year-over-year basis.
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.