Market Update 20th Jul 2016 – We haven’t seen THIS since 2013!

By Markus Heitkoetter

Stocks ended the day with gains, and the S&P and DOW were back trading at record highs.With the major indices higher across the board, end of day numbers were decent.

But it was actually a rocky trading session.

Following a strong move overnight, stocks opened the session higher and then immediately sank.

But after a fast sell off to start the session, stocks bounced back and spent the afternoon trading in a narrow range.

With today’s close, the DOW finished higher for the 9th straight day! This is the longest rally since 2013.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.4% gain. Up 9 points, the S&P ended at 2,173.
  • The DOW ended 0.2% higher. Adding 36 points, the DOW closed at 18,595.
  • The NASDAQ was up 1.1%. With a 54 point gain, the NASDAQ finished at 5090.

Crude Oil (CL) was higher after back-to-back down days. CL ended with a 0.6% gain at $45.72 a barrel.

The rally in CL was a direct reaction to today’s Crude Oil Inventories report. The report showed a 2.3 million barrel inventory drop, compared to the 1.3 million decline that was forecast. Traders seemed to welcome the news, as CL reversed course and rocketed to highs of the day.

Better than expected earnings have really helped the markets, and today it was Microsoft (MSFT) in the spotlight. MSFT reported better than expected profits, and rallied to new 2016 highs before ending the session 5.3% higher.

Tomorrow’s economic calendar features Philly Fed Manufacturing Index and Unemployment Claims at 8:30am ET, followed by Existing Homes Sales at 10:00am ET.

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