Stock Market Update Wednesday, February 19th, 2020
Stocks opened higher and never looked back!
After a strong start this morning the major indices rallied from morning until afternoon.
One of the main reasons behind the rally are reports that the coronavirus seems to be slowing down.
On Wednesday, there were 1,749 new cases which is the lowest number of new confirmed cases since late January.
In the afternoon, the Fed released minutes from their January meeting.
The minutes showed that the Fed believes rates will stay at current levels for now. The Fed also said that the coronavirus is a “new risk” to global growth, and its financial impact is being closely monitored.
The major indices were at session highs around 3pm ET but pulled back a little into the close.
With today’s gains, the S&P and NASDAQ finished with new record highs. The DOW closed higher, but remains 220 points below its record set on February 12th.
Here’s where the major indices ended the day:
- The S&P finished with a 0.5% gain. Up 16 points, the S&P ended at 3,386.
- The DOW ended higher by 0.4%. Adding 116 points the DOW closed at 29,348.
- The NASDAQ was up 0.9%. With an 84 point gain, the NASDAQ finished at 9,817.
Crude Oil (CL) closed back above $53 a barrel for the first time since the end of January. Up 2.3%, Crude Oil finished the day at $53.50 a barrel.
Apple (AAPL) bounced back after yesterday’s decline. Apple ended the day with a 1.5% gain.
Tesla (TSLA) was on the move again today after an analyst upgrade. The stock finished with its best close ever. Up 6.9%, Tesla closed at $916.96 a share.
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.