By Markus Heitkoetter
￼The bulls were in control today. After dropping yesterday, stocks snapped right back.
Opening the session higher, the S&P retreated slightly during the first 25 minutes of the session. But on the second push higher, stocks took out morning highs and proceeded to trade higher for the rest of the day.
Here’s where the major indices ended the day:
The S&P finished with a 1.4% gain. Up 27 points, the S&P ended at 1,904.
The DOW ended 1.8% higher. Adding 282 points, the DOW closed at 16,167.
The NASDAQ ended with a 1.1 increase. The NASDAQ finished 49 points higher at 4,568.
Commodities were also on the move.
Crude Oil (CL) was up nicely with stocks today. With a 3.6% gain, CL ended the day at $31.43.
Speaking of crude, in Norway, salmon now costs more than a barrel of oil! With record salmon prices and the collapse in oil, a 4.5-kilogram fish is now priced more than a barrel of crude.
Metals had a great day as well. Gold (GC) finished with a 1.4% gain and ended at $1120.7 an ounce. Silver (SI) was also higher after ending the day with a 2.0% gain and close of $14.54. Both Gold and Silver closed the day at their highest levels of 2016.
It became clear that traders were cautious with Apple (AAPL) today ahead of earnings. Lagging behind the major indices, AAPL finished 0.6% higher at $99.99.
After the bell, AAPL beat earnings expectations .But forecasts show that AAPL expects the first quarterly sales decline in more than a 10 years!
Tomorrow could be interesting for a few reasons.
Not only will traders have a chance to react to the AAPL news, we’ll also have Crude Oil Inventories released at 10:30am ET, and the FOMC Statement at 2pm ET.
Although most traders don’t expect any surprises from the Fed, traders are looking for clues as to how the Fed might respond to the recent stock market slide and weakness overseas. Specifically, how these 2 concerns might impact future interest rate hikes.
And here’s an interesting fact…the S&P has rallied ahead of the FOMC Statement 6 out of the last 7 times.