Stocks drop & Gold jumps…should we be worried now?

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Stock Market Update Tuesday, February 18th, 2020

With markets closed yesterday for Presidents’ Day, today was the first full trading day of the week. And stocks struggled at the open.

After the lower start, the major indices attempted to work their way back towards Friday’s close. But around lunchtime, stocks were trading at session lows.

There was a small rally in the afternoon. But it wasn’t enough to get the S&P and DOW into positive territory for the day.

While the S&P and DOW ended with losses, the NASDAQ finished 1.5 points higher…which was JUST enough for the index to end the day with a new record close.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.3% loss. Down 10 points, the S&P ended at 3,370.
  • The DOW ended lower by 0.6%. Dropping 166 points the DOW closed at 29,232.
  • The NASDAQ was flat. With just a 1.5 point gain, the NASDAQ finished at 9,733.

Crude Oil (CL) was down big at the open. But after trading near the $51 mark, Crude Oil rallied to finish the day flat at $52.33 a barrel.

News from Apple (AAPL) was one reason traders were cautious this morning. 

Yesterday, Apple warned that slow production and weaker demand in China (because of the coronavirus) will hurt the company’s second-quarter earnings.

Apple was down more than 3.0% before ending the day with a 1.8% loss.

Gold (GC) has been pretty quiet during the coronavirus scare. Which is a little strange, since gold usually sees a “flight to safety” when there are concerns over the global economy.

But gold finally made a move, jumping 1.1% today with its 2nd biggest day of the year. Gold also closed above $1,600 for the first time since April 2013.

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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