Market Update for 7th Sep 2016 – Today we saw TWO records…

By Markus Heitkoetter

Trading was quiet and stocks were flat.

But the NASDAQ made new record highs today!

Today’s NASDAQ rally was helped out by stocks like Apple (AAPL) and Facebook (FB).

Apple (AAPL) finished with a 0.6% gain at $108.38. The move higher was in response to the unveiling of the iPhone 7 and a new version of the Apple Watch.

Meanwhile, Facebook (FB) ended the session with a 1.0% gain at $131.05 a share.

Today’s close is a new record for the stock.

Here’s where the major indices ended the day:

  • The S&P finished flat. The S&P was up less than a point and ended at 2,186.
  • The DOW ended 0.1% lower. Losing 12 points, the DOW closed at 18,526.
  • The NASDAQ was up 0.2%. With an 8 point gain, the NASDAQ finished at 5284.

The S&P has now traded within a 1.5% range for 39 consecutive days.But in spite of the sideways trading, the S&P is just 7.5 points away from its all-time high…which is nothing considering that the current Average Daily Range is 12.25 points!

Crude Oil (CL) finished higher with a 1.5% gain. Trading at the best levels of the week, CL ended at $45.48 a barrel.Tomorrow’s calendar features
Unemployment Claims at 8:30am ET and Crude Oil Inventories at 11:00am ET. In international news, traders are awaiting tomorrow’s European Central Bank Policy Statement at 7:45am ET and ECB Press Conference at 8:30am ET.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s