By Markus Heitkoetter
Stocks started the week with another volatile trading session. But in the end, all of the major indices finished in positive territory.
In the morning, things looked great. Stocks were higher and it looked like we’d get a bit of a recovery after Friday’s dip.
But a major midday sell-off sent stocks lower.
How bad was the sell-off? The E-Mini NASDAQ dropped 1.7% in just 2 hours (between 11am and 1pm ET). Then a late session rally put the indices back into positive territory for the day.
The S&P finished 0.5% higher. With a 9 point gain, the S&P ended the day at 1966.97.
It was the DOW that led the pack. The DOW ended the day with a 0.8% gain. After a 125 point increase, the DOW finished the day at 16510.19.
The NASDAQ managed a 0.04% gain. The NASDAQ barely made it back into positive territory after the midday drop. But at the close the NASDAQ was 2 points higher, ending the session at 4828.96.
It’s important to note that the Fed remains in focus. Three regional Fed presidents made comments over the weekend that suggested a case for raising interest rates this year. Other Fed members will be speaking throughout the week, including FOMC Member Lockhart tomorrow at 6:30pm ET.
But the most significant speech comes on Thursday when Janet Yellen speaks at the University of Massachusetts. Yellen’s speech is scheduled for Thursday at 5pm ET.
Existing Home Sales was the lone item on the economic calendar today. Numbers were slightly lower than expected.