Market Update for 11th Aug 2016 – Today was a day for the record books!

By Markus Heitkoetter

It was a day for the record books!

With the Bulls in control, stocks rallied throughout the session. And with today’s gains, the major indices erased losses from early in the week and finished the day with record highs.

For those of you keeping track…

The DOW and S&P both made a new record highs today.And although the NASDAQ couldn’t quite take out Tuesday’s all-time intraday high, the index did manage to end the day with a new record close.

In fact, it was the first time since 1999 that the three indices all closed with record highs.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.5% gain. Up 10 points, the S&P ended at 2,186.
  • The DOW ended 0.6% higher. Adding 118 points, the DOW closed at 18,614.
  • The NASDAQ was up 0.5%. With a 24 point gain, the NASDAQ finished at 5228.

Earnings season might be winding down, but it’s not over yet!

And retailers had a big impact on today’s rally after Alibaba (BABA up 5.1%), Kohl’s (KSS up 16.2%) and Macy’s (M up 17.1%) reported better than expected earnings.

Crude Oil (CL) was also on the move. Bouncing back from yesterday’s decline CL finished with a 4.1% gain. With a close of $43.43 a barrel, oil is trading at its best level in 3 weeks.

It’s a busy day for the economic calendar tomorrow with Retail Sales Data and PPI Data at 8:30am ET, followed by Preliminary Consumer Sentiment at 10:00a ET.

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