Markus Heitkoetter
Rockwell Trading
This morning Attorney General William Barr and the Mueller report were in the spotlight.
Barr held a press conference at 9:30am ET and released a redacted Mueller report at 11am ET.
Was there collusion and was there an obstruction of justice by the President?
Well, it's safe to say that the Mueller report helped support exactly what you already believed.
If you're Republican the report supports the President's claims and the whole thing was a waste of time and money. If you're a Democrat, you probably can't believe the whole thing. And so goes politics...
What's safer to assume is that the markets shrugged off the news.
Stocks were slightly higher at the open and drifted higher. There was a drop late morning and then a mid-day rally. And by the end of the day, the major indices were trading back near session highs.
Here's where the major indices ended the day:
- The S&P finished with a 0.2% gain. Up 5 points, the S&P ended at 2,905.
- The DOW ended higher by 0.4%. Adding 110 points, the DOW closed at 26,560.
- The NASDAQ was down 0.1%. With a 4 point loss, the NASDAQ finished at 7,997.
Crude Oil (CL) was quiet before settling at $64 a barrel with a 0.4% gain.
Aside from the political news, it was a big day for earnings and IPOs.
Honeywell (HON) jumped 3.8% after better than expected numbers, United Rentals (URI) was up 8.2% on an earnings beat.
American Express (AXP) finished higher by 1.7%, Travelers (TRV) was up 2.3%, and Snap-On (SNA) rallied 6.5% (all rallying because of earnings).
In IPO news, Pinterest and Zoom were big winners on their first day of trading
ZOOM (ZM) was up 72.2% from its original IPO price and Pinterest (PINS) was up 28.7% from its IPO price.
Markets are closed tomorrow for Good Friday. Enjoy the 3-day weekend!
Trading Futures, options on futures and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. The lower the day trade margin, the higher the leverage and riskier the trade. Leverage can work for you as well as against you; it magnifies gains as well as losses. Past performance is not necessarily indicative of future results.
Recommended Content
Editors’ Picks
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Ethereum could remain inside key range as Consensys sues SEC over ETH security status
Ethereum appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the US SEC and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.