Stocks rally to new highs of the year
|Yesterday stocks moved back and forth after the Fed decision.
But today stocks moved in just one direction - UP!
The S&P and NASDAQ finished at new highs for the year. And with today's gains, the S&P is back within 2.9% of its all-time high.
The DOW had its best day in a month. But the DOW still trades below its 2019 high set almost a month ago on February 25th.
Here's where the major indices ended the day:
- The S&P finished with a 1.1% gain. Up 31 points, the S&P ended at 2,855.
- The DOW ended higher by 0.8%. Adding 217 points, the DOW closed at 25,963.
- The NASDAQ was up 1.4%. With a 110 point gain, the NASDAQ finished at 7,839.
Crude Oil (CL) flirted with the $60 mark for most of the day before finishing slightly lower. Down 0.5%, CL ended at $59.95 a barrel.
Apple's (AAPL) impressive rally continued today.
With a 3.7% gain, Apple took back its spot as the world's most valuable company. Apple is up a whopping 24.2% this year, with almost half of the move coming in March (up 12.7% in March). Traders are anxiously awaiting a press event on Monday, where Apple is expected to unveil a new streaming service.
There were a few big earnings move as well.
Micron (MU) saw a 9.6% gain after reporting better than expected earnings. Conagra Brands (CAG) rallied 12.8% after an earnings beat. And Darden Restaurants (DRI), the owner of Olive Garden restaurants, was up 6.9% after strong numbers.
But investors in Biogen (BIIB) weren't smiling today. The stock was hammered, losing 29.2% after discontinuing trials for a drug that investors hoped would help treat Alzheimer's.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.