Dow skyrockets 500 points

Mark Hodge Rockwell Trading

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.

Author

Mark Hodge

Rockwell Trading

Mark began his career in the financial industry with Morgan Stanley Dean Witter back in 1995. He later became a licensed financial advisor with American Express but found his true calling as a trader.

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