Stock Market Update Wednesday, January 29th, 2020
Stocks were up this morning at the open.
But after the strong start, the major indices pulled back. And just 45 minutes into the session, stocks were in negative territory.
After the pullback, stocks rallied again ahead of the Fed Statement.
And at 2pm ET, the Fed announced that they are keeping rates unchanged (which was expected). The Fed also said that the labor market remains “strong” and that the economy is growing at a “moderate rate.”
After the Fed news stocks dropped again. And by the end of the day stocks were mixed.
Here’s where the major indices ended the day:
- The S&P finished with a 0.1% loss. Down 3 points, the S&P ended at 3,273.
- The DOW ended flat. Adding just 12 points, the DOW closed at 28,734.
- The NASDAQ was up 0.1%. With a 6 point gain, the NASDAQ finished at 9,275.
Crude Oil (CL) opened near the $54 mark then retreated. Down 0.2%, CL ended the day at $53.36 a barrel.
Apple (AAPL) was up nicely after yesterday’s earnings. The company beat earnings expectations after an 8% increase in iPhone sales. Apple finished the day with a 2.1% gain and new record high.
But Starbucks (SBUX) lost 2.1% after announcing that it will temporarily close almost half of their stores in China because of the coronavirus outbreak.
There were also some big movers after-hours.
Tesla (TSLA) jumped after an earnings beat.
According to the company, 112,000 vehicles were delivered in the 4th quarter…a company best. The company also announced that it has started production on its newest crossover SUV, the Model Y. In after-hours trading Tesla was up 13% on the news.
But Facebook (FB) was moving in the opposite direction. Down 6.0% after-hours because of earnings, the company actually beat earnings and revenue estimates but saw a 51% jump in expenses.
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.