Markus Heitkoetter
Rockwell Trading
Stocks bounced back after last week's loss, which up until now is the biggest of the year.
The S&P and NASDAQ were higher at the open and never looked back. Rallying all day long, the major indices finished the day at session highs.
The DOW was also higher but was held back considerably by Boeing (BA).
Boeing was down as much as 13.5% after traders reacted to a 737 MAX crash in Ethiopia. The crash on Sunday left 149 passengers and 8 crew members dead.
The FAA is investing the crash and noted similarities between Sunday's crash and a deadly crash in Jakarta back in October. But the FAA put investors somewhat at easy, saying that the Boeing plans are still airworthy. The stock finished the day with a 5.3% well of its early lows.
Here's where the major indices ended the day:
- The S&P finished with a 1.5% gain. Up 40 points, the S&P ended at 2,783.
- The DOW ended higher by 0.8%. Adding 201 points, the DOW closed at 25,651.
- The NASDAQ was up 2.0%. With a 150 point gain, the NASDAQ finished at 7,558.
Crude Oil (CL) rallied as well. Up 0.6%, CL ended at $56.69 a barrel.
Apple (AAPL) had a great day after being upgraded by Bank of American/Merrill Lynch. AAPL finished higher by 3.5% after the "Neutral" rating was raised to "Buy".
Facebook (FB) was also the beneficiary of an upgrade today. The stock finished higher by 1.5% after Nomura raised its FB "Neutral" rating to "Buy".
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.
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