By Markus Heitkoetter
￼Stocks had another big day.
After trading lower for most of the morning, the major indices broke higher and ended near highs of the day.
The S&P and DOW finished at their best levels since January 6th. Although the NASDAQ lagged behind, the NASDAQ ended with the 2nd best close of the month.
Core Durable Goods came in better than expected (1.8% vs a 0.2% forecast). But the morning report probably had little impact on stocks since the real move came in the afternoon.
Here’s where the major indices ended the day:
The S&P finished with a 1.1% gain. Up 22 points, the S&P ended at 1,952.
The DOW ended 1.3% higher. Adding 212 points, the DOW closed at 16,697.
The NASDAQ increased by 0.9%. Up 40 points, the NASDAQ finished at 4,582.
After today’s close, all eyes are on the S&P. The close above the February 1st high helps confirm a double bottom formation and breakout. The S&P is currently down 4.5% for the year. But if the pattern is supported, a move to erase these losses could be in the works.
Crude Oil’s (CL) volatility continued today. CL experienced big swings and was down as much as 3.4% at one point. But by day’s end Crude Oil was sitting on a 3.0% gain, closing at $33.10 a barrel.
Tomorrow’s economic calendar includes Preliminary GDP at 8:30am ET and Revised Consumer Sentiment at 10:00am ET. FOMC Member Powell will speak at 10:15am ET and FOMC Member Brainard speaks at 1:30pm ET.