Market Recap for 28th Apr 2016 – THIS market made new 2016 highs (HINT: it wasn’t an index)…

By Markus Heitkoetter

Things got off to an early start after the Bank of Japan surprised the world by keeping rates unchanged. The decision sent global markets lower, and generated a lot of volatility in overnight trading.

But things looked pretty good when the U.S. session began.

After opening slightly lower, the major indices were sitting at highs of the day heading into the lunch hour.

But morning gains wear quickly erased in the afternoon. After taking out morning lows the sell off picked up steam and the major indices closed near lows of the day.

Here’s where the major indices ended the day:

The S&P finished with a 0.9% loss. Down 19 points, the S&P ended at 2,076.

The DOW ended 1.2% lower. Losing 211 points, the DOW closed at 17,831.

The NASDAQ was down 1.2%. With a 56 point loss, the NASDAQ finished at 4,805.

After today’s decline it looks like the indices could end the week lower. With one trading day left in the week the NASDAQ leads the decline with a 2.1% loss.

Apple (AAPL) was a drag on the NASDAQ for the second day in a row.

Yesterday AAPL took a hit after disappointing earnings and future guidance. Today the sell off continued and AAPL lost 3.1%, closing at the lowest level in over 2 months.

The move lower in AAPL was fueled by news that Carl Icahn sold his stake in AAPL.

The investment billionaire announced that he no longer has an AAPL position after a 3 year investment. The decision to drop the stock was because of concerns over China, and the impact Chinese regulators could have on sales in China.

While stocks were lower, Crude Oil (CL) was rallying to new 2016 highs. With a 1.6% gain, CL ended at $46.04.

In fact, it was a nice day for commodities all around.

Gold (GC) was up 1.3% at $1266.4 an ounce and Silver (SI) was higher with a nice 1.5% gain. Ending the day at $17.59, SI closed at its best levels since May.

Today’s commodity rally was helped by a dropping U.S. dollar. With a 0.7% loss the Dollar Index (DX) ended at the lowest level of the year.

Tomorrow’s economic calendar includes a handful of reports including Personal Spending at 8:30am ET, Chicago PMI at 9:45am ET, and Revised Consumer Sentiment at 10:00am ET.


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