Stocks make new record highs on good trade news

Markus Heitkoetter Rockwell Trading

Stocks made new record highs again today.

The major indices opened at record levels after news that U.S. and China had agreed to remove existing tariffs.

There was a surprise drop late in the afternoon after reports that there is some internal opposition inside the White House over the tariff rollbacks.

But after making session lows with 30 minutes left in the day, stocks moved higher into the close.

The DOW, S&P, and NASDAQ all made new record highs today. But it was the DOW leading the way with a 0.7% gain.

Here’s where the major indices ended the day:

The S&P finished with a 0.3% gain. Up 8 points, the S&P ended at 3,085.
The DOW ended higher by 0.7%. Adding 182 points, the DOW closed at 27,675.
The NASDAQ was up 0.3%. With a 24 point gain, the NASDAQ finished at 8,411.

Crude Oil (CL) bounced back after yesterday’s drop. Up 1.4%, CL ended at $57.11 a barrel.

With today’s trade news, the 10-year yield saw its biggest move since President Trump was elected.

And bank stocks rallied on the move in interest rates.

Bank of America (BAC) finished higher by 1.3% and Citigroup (C) rallied 1.9%.

Qualcomm (QCOM) ended the day with a 6.3% gain after reporting better than expected earnings yesterday.

But online travel companies had a rough day.

Expedia Group (EXPE) lost 27.4% after worse than expected earnings. And TripAdvisor (TRIP) dropped 22.4%.

In after-hours trading, Disney (DIS) jumped more than 5.0% after an earnings beat. Disney will launch its new Disney+ streaming service on Tuesday.

Author

Markus Heitkoetter

Rockwell Trading

As founder and CEO of Rockwell Trading Services LLC., Markus Heitkoetter has shared his trading methods and ideas with more than 300,000 traders in over 196 countries.

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