By Markus Heitkoetter
Helped by big gains in Crude Oil, stocks finished the day higher.
The session was choppy in the morning. But an afternoon rally brought the major indices to highs of the day.
A pullback in the last hour erased a portion of today’s gains. But in spite of the late session retreat, the DOW and S&P closed higher for the third consecutive trading session.
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 2,102.
The DOW ended 0.2% higher. Adding 43 points, the DOW closed at 18,096.
The NASDAQ was up 0.2%. With an 8 point gain, the NASDAQ finished at 4,948.
With today’s gains, the S&P and DOW are at new 2016 highs.
Speaking of markets making new 2016 highs, you can add Crude Oil (CL) to the list.
CL was sideways following today’s Crude Oil Inventory release. The report was in-line with expectations with 2.1 million barrels in inventory vs. the 2.2 million expected. But after 25 minutes of sideways trading, CL was off to the races!
Up 4.0% on the day, CL blew right past any short term resistance levels. With a close of $44.15, CL finished the day with its best close since December 15th.
Tomorrow’s reports include Philly Fed Manufacturing and Unemployment Claims at 8:30am ET. Overseas, the European Central Bank (ECB) and ECB President Mario Draghi will be on the radar. The ECB has their policy statement tomorrow followed by a press conference that is scheduled for 8:30am ET.