By Markus Heitkoetter
Stocks ended the day mixed, with traders searching for a sense of direction after the big swings that we’ve had over the last few days.
Although the end of day numbers weren’t too exciting, there was still a decent amount of intraday volatility. Swinging from session highs in the morning to session lows in the late afternoon, the S&P traded in a 21.5 point range – almost double the 12 point range that we had a week ago.
Some of the biggest news of the day came from the Mergers & Acquisitions world.
The biggest merger of 2016 was announced today when Bayer (BAYRY) agreed to acquire Monsanto (MON) for $128 per share in a $66 billion deal.
Here’s where the major indices ended the day:
- The S&P finished with a 0.1% loss. Down 1 point, the S&P ended at 2,126.
- The DOW ended 0.2% lower. Dropping 32 points, the DOW closed at 18,035.
- The NASDAQ was up 0.4%. With a 19 point gain, the NASDAQ finished at 5174.
Crude Oil (CL) was lower for the 2nd day in a row.
Crude Oil dropped 2.9% and finished at $43.58 a barrel.Today’s Crude Oil Inventories showed a 0.6 million barrel drop compared to the 2.8 million barrel increase that was forecast. After a brief rally immediately following the report, Crude Oil retreated and edged lower for the remained of the session.
Apple (AAPL) continues to looked great today with a 3.6% gain. It was the 3rd straight 2.0%+ gain – the first in more than 3 years for AAPL!
It’s a busy morning for the economic calendar with Retail Sales Data, PPI Data, Unemployment Claims, and Philly Fed Manufacturing Index at 8:30am ET.