Market Recap for 21st Mar 2016 – Will this impressive rally continue?

By Markus Heitkoetter

Stocks got off to a slow start today.

Today’s only report was Existing Homes Sales. And the report came in worse than expected with February’s sales showing a reading of 5.08 million versus an expected 5.37 million (down from January).

Stocks dropped after the report, but remained rangebound for most of the session. Compared to a 17 point Average Daily Range, today’s range in the S&P was just shy of 11 points. In fact, today’s 10.77 point range was the 2nd smallest range of the year (2nd by just .07 of a point).

Although it was a slow day, stocks did manage to move higher in the afternoon.

At the close the major indices were all positive, and the DOW extended its winning streak to 7 consecutive days.

Here’s where the major indices ended the day:

The S&P finished with a 0.1% gain. Up 2 points, the S&P ended at 2,052.

The DOW ended 0.1% higher. Adding 22 points, the DOW closed at 17,624.

The NASDAQ increased by 0.3%. With a 13 point gain, the NASDAQ finished at 4,809.

Crude Oil (CL) was up another 1.1% today with a close of $41.58 a barrel. Today’s close was the 2nd best of the year.

There are no major reports tomorrow. But traders should keep in mind that it is a short trading week. Major exchanges will be closed this Friday in observance of the Good Friday Holiday.

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