Stock Market Update Wednesday, February 12th, 2020
Stocks finished with new records again today.
Fed Chair Jerome Powell wrapped up his 2-day testimony on Capitol Hill without anything really new for the markets.
Powell said that the Fed is closely monitoring coronavirus concerns, and said the Fed is there if needed to stimulate the economy.
There were also signs that the coronavirus might be slowing after China reported the lowest number of new cases in two weeks. Meanwhile, the Centers for Disease Control is preparing for a coronavirus outbreak in the U.S.
The Fed ready to help if needed and the possibility that coronavirus “might” be slowing in China must have been exactly what traders wanted to hear.
Stocks jumped at the open, traded sideways, and then rallied again into the close.
At the end of the day the S&P, DOW and NASDAQ were all at record highs.
Here’s where the major indices ended the day:
- The S&P finished with a 0.7% gain. Up 22 points, the S&P ended at 3,379.
- The DOW ended higher by 0.9%. Adding 275 points the DOW closed at 29,551.
- The NASDAQ was up 0.9%. With an 86 point gain, the NASDAQ finished at 9,725.
Crude Oil (CL) finished higher for the 2nd day in a row. Up 2.6%, CL ended the day at $51.23 a barrel.
United Health (UNH) led the DOW today with a 4.4% gain.
Airline stocks saw a boost as well today.
American Airlines (AAL) was up 2.1% and United Airlines (UAL) was up 2.1% as well.
But Lyft (LYFT) was hammered after reporting earnings and forecasting slower growth in 2020. The stock finished with a 10.2% loss.
Tomorrow morning Pepsi (PEP) and Alibaba (BABA) will report earnings before the bell.
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.