Market Update for 10th Oct 2016 – Here’s what traders are waiting for…

By Markus Heitkoetter

Stocks got off to a nice start this week, with gains across the board.

Today was a U.S. bank holiday and interest rate markets were closed.

But the holiday didn’t stop traders from moving stocks and crude oil higher.

The rally began overnight, with gains in China and Europe. The move then continue in the morning. But after mid-day retracement stocks traded sideways for the remainder of the session.

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 2,164.
  • The DOW ended 0.5% higher. Adding 89 points, the DOW closed at 18,329.
  • The NASDAQ was up 0.7%. With a 36 point gain, the NASDAQ finished at 5,329.

Crude Oil (CL) had a great day and rallied for most of the day. With a 3.0% gain, CL ended at $51.32 at its best level since July 2015.

Traders need to give Russian President Vladimir Putin some credit for today’s oil rally. Putin said that he supports freezing or cutting Russia’s oil production.

There are no major reports tomorrow. But Alcoa (AA) will kick off 3rd quarter earnings season with earnings before the bell.

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