Stock Market Update Thursday, February 13th, 2020
Stocks made new records, but couldn’t hold onto today’s afternoon gains.
Yesterday, traders were optimistic about news that coronavirus cases might be slowing down. But with China confirming 15,152 new cases and 254 more coronavirus deaths, there was news that cases have actually spiked.
Trading got off to a rough start this morning, with stocks opening the day with a loss.
After the lower start, stocks were choppy.
But 30 minutes into trading stocks began to rally. And by early afternoon stocks were at highs of the day.
But today’s gains were lost after a dip in the last hour of trading.
The S&P and NASDAQ made new records with the afternoon rally, but ended the day with a loss.
Here’s where the major indices ended the day:
- The S&P finished with a 0.2% loss. Down 6 points, the S&P ended at 3,374.
- The DOW ended lower by 0.4%. Dropping 128 points the DOW closed at 29,423.
- The NASDAQ was down 0.1%. With a 13 point loss, the NASDAQ finished at 9,712.
Crude Oil (CL) finished higher for the 3rd day in a row. Up 0.5%, CL ended the day at $51.43 a barrel.
Airline stocks and casino stocks were hit hardest after the grim coronavirus update.
American Airlines (AAL) finished lower by 1.3% and United Airlines (UAL) lost 1.5%.
Las Vegas Sands (LVS) and Wynn Resorts (WYNN) dropped 2.6% and 2.3% respectively.
Cisco (CSCO) was an earnings loser today, dropping 5.2% after reporting a drop in revenue.
Tesla (TSLA) is trying to take advantage of the recent jump in stock price by raising some capital. The company was up 4.8% today after announcing a $2 billion common stock offering.
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.