Trump, Tesla, and Coronavirus cure? – Dow up 483 points

Stock Market Update Wednesday, February 5th, 2020

Stocks had another big day today after unconfirmed reports of a breakthrough in the treatment of the coronavirus.

After a strong open, stocks rallied in the morning.

Today’s ISM Non-Manufacturing PMI data at 10:00am ET was better than expected (55.5 reading vs a 55.1 forecast), sending stocks to session highs.

But after the strong start, the major indices pulled back. And for the next 5 hours stocks moved sideways.

Then in the last hour of trading, the major indices finally broke out of today’s range and made session highs.

Up 3 days straight this week, the S&P made new record highs. The NASDAQ also made new records.

The DOW closed back above 29,000 today, but finished just 57 points away from its record set in January.

Here’s where the major indices ended the day:

  • The S&P finished with a 1.1% gain. Up 37 points, the S&P ended at 3,335.
  • The DOW ended higher by 1.7%. Adding 483 points, the DOW closed at 29,291.
  • The NASDAQ was up 0.4%. With a 39 point gain, the NASDAQ finished at 9,509.

Crude Oil (CL) snapped its 5-day losing streak and finished back above the $50 mark. Up 2.4%, CL ended the day at $50.80 a barrel.

Tesla’s (TSLA) epic rally hit a brief pause today. The stock’s 6-day winning streak came to and end today with a 17.2% loss.

Nike (NKE) and Walt Disney (DIS) finished lower after reporting that the coronavirus will have a negative impact on numbers. Today Nike dropped 0.8% and Disney lost 2.3%.

In other news, the Senate acquitted President Trump on charges of abuse of power and obstruction of Congress on Wednesday, putting an end to the 3rd presidential impeachment trial in U.S. history.

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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