By Markus Heitkoetter
The major indices finished the day positive after another wild day of trading.
Stocks were off to a nice start in early trading. After a rally in overnight trading, stocks gapped higher and were sitting at fresh highs.
But a slow steady decline erased early gains and put the major indices in negative territory.
In a move eerily similar to yesterday, stocks made session lows right around 2pm ET and reversed course. The afternoon surge brought the indices out of negative territory, and by day’s end the major indices were all up nicely for the day.
Here’s where the major indices closed the day:
The S&P closed 0.8% higher. Up 15 points, the S&P ended at 1,939.
The DOW was up 1.2%. Adding 118 points, the DOW closed at 16,516.
The NASDAQ ended with a 1.0% gain. With a 48 point gain, the NASDAQ ended at 4686.
With the first winning day since December 29th, the NASDAQ’s 8-day losing streak comes to an end.
But Crude Oil (CL) wasn’t so lucky today.
CL sank to a new 12-year low and traded below $30 a barrel for the first time since December 2003. With a 3.1% loss, CL extended its losing streak to 7 consecutive days and ended the day at $30.43 a barrel.
We have another slow day for news tomorrow.
Crude Oil Inventories will be released at 10:30am ET and the Fed’s Beige Book will be released at 2pm ET. Although the inventories release can attract some attention with a major surprise, the Beige Book release isn’t expected to be a major report