Buying the dip? – Stocks bounce back

Stock Market Update Tuesday, January 28th, 2020

Over the past 2 trading sessions, worries about the Coronavirus sent stocks lower.

And the virus keeps spreading:

Now there are 4,600 people infected (up from 2,800 yesterday) and 106 people died (up from 80 yesterday).

But stocks rallied today, as investors seem to take advantage of the 2-day decline for “buying the dip.”

Here’s where the major indices ended the day:

  • The S&P finished with a 1.0% gain. Up 33 points, the S&P ended at 3,276.
  • The DOW ended higher by 0.7%. Adding 187 points, the DOW closed at 28,723.
  • The NASDAQ was up 1.4%. With a 130 point gain, the NASDAQ finished at 9,269.

Crude Oil (CL) has bounced back a little bit: Up 0.7%, CL ended the day at $53.40 a barrel. However, CL is still down 12% for the month.

We saw some disappointing earnings today:

3M (MMM) finished 5.7% lower and Pfizer (PFE) dropped -5.0% after worse than expected earnings.

But Apple (APPL) was the big winner today: AAPL reported earnings that were better than expected. The stock is up 2.8% for the day and an additional 1.4% after hours.

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.



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