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.
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.
