Market Recap for 19th Apr 2016 – We haven’t seen THIS since December 1st…

By Markus Heitkoetter

Did You Know?
The McDonald’s (MCD) Big Mac was introduced in 1967 with a price tag of .45 cents.
McDonald’s is currently experimenting with both a bigger and smaller version to try to boost sales.
(SOURCE: http://www.bloomberg.com/news/articles/2016-04-19/mcdonald-s-testing-bigger-smaller-big-macs)

The S&P and DOW finished higher for the second consecutive day.

Stocks spent spent most of the session in a range. But this morning’s gap higher was all the S&P and DOW needed to end the day at NEW 2016 highs.

Yesterday the DOW closed above 18,000 for the first time since July. But today it was the S&P’s turn to break psychological resistance…even if it was just by a point!

With a close of 2,101, the S&P closed above 2100 for the first time since December 1st.

Here’s where the major indices ended the day:

The S&P finished with a 0.3% gain. Up 6 points, the S&P ended at 2,101.

The DOW ended 0.3% higher. Adding 49 points, the DOW closed at 18,054.

The NASDAQ lost 0.4%. Down 20 points, the NASDAQ finished at 4,940.

With today’s close lower, the NASDAQ erased yesterday’s gains. But while the NASDAQ trades in negative territory for the year (down 1.3%), the S&P and DOW are looking great.

In fact, it’s probably time to start talking about all-time highs again!

After today’s gains, the DOW is just 300 points from all-time highs and the S&P is just 34 points from its all-time high.

Crude Oil (CL) was up nicely with a 2.8% gain.

Crude Oil was in the spotlight yesterday after major oil producer’s failed to reach an agreement on production caps over the weekend. But today’s close of $42.33 pretty much made the disappointment old news. Especially since CL is trading back above Friday’s close.

Metals were also on the move today. Silver was up a whopping for 4.4%, closing at $16.97 (the best level since May 2015). And Gold (GC) didn’t look too shabby either, up 1.6% with a close at $1254.3.

Tomorrow’s economic calendar brings us Existing Home Sales at 10:00am followed by Crude Oil Inventories at 10:30am. With Crude Oil supply and demand being such a big topic, tomorrow’s Crude Oil Inventory report will be closely watched.

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