Dow skyrockets 500 points
|What a day! Stocks were on the move early and never looked back.
After a higher open, the major indices continued to rally. Helped out by strong earnings and a tech rally, the major indices moved higher for most of the trading day.
The NASDAQ led the major indices with a 2.9% gain. Today's close in the S&P put the index back above its 200-day moving average, a key psychological support level for traders.
We definitely saw a nice comeback today, but there's still more of last week's dip to recover. In spite of today's rally, the S&P is still down 3.6% for October.
Here's where the major indices ended the day:
- The S&P finished 2.2% higher. Up 59 points, the S&P ended at 2,810.
- The DOW ended with a 2.2% gain. Adding 548 points, the DOW closed at 25,798.
- The NASDAQ was up 2.9%. With a 215 point gain, the NASDAQ finished at 7,645.
- Bitcoin finished 0.8% higher. Up $50, Bitcoin ended at $6,435.
Crude Oil (CL) ended higher for the 2nd day in a row. Up 0.2%, CL finished at $71.92 a barrel.
Strong earnings from Goldman Sachs (GS) and Morgan Stanley (MS) helped with today's optimism. Goldman finished the day with a 3.0% gain and Morgan Stanley was up 5.7%.
Adobe Systems (ADBE) had an impressive day as well, leading the S&P 500 with a 9.5% gain. The stock rallied after forecasting 20% growth next year
After the close today, Netflix (NFLX) reported solid earnings and better than expected subscriber growth. Netflix was up as much as 12% in after-hours trading and will be watched by traders tomorrow. Traders will also keep an eye on the Fed Minutes released tomorrow at 2pm ET.
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