facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause

BULLS BATTLE BACK - December 7, 2018

Bulls Battle Back


Global markets were sharply lower today as trade tensions were renewed. The arrest of the CEO of China's Huawei Co. on sanction violations rattled investors. The DJIA dropped more than 700-points before remarks from Federal Reserve officials that interest rates were within shouting distance of neutral brought buyers in from the sidelines. 

Led by gains in the FANG stocks, the major averages rallied in the afternoon nearly erasing all of their losses before finishing mixed. Economic data was also mixed as the ISM Non-Mfg Index beat estimates coming in at a lofty 60.7, while November Factory Orders fell -2.1%, more than expected. 

The yield in the 10-year Treasury slipped to 2.84% before recovering to finish at 2.88% which hit Financials (XLF) for a second day. Energy (XLE) and Materials (XLB) also lagged as oil prices eased after OPEC couldn�t come to terms on production cuts with Russia. REITs (XLRE), Communication Services (XLC) and Consumer Discretionary (XLY) outperformed. 

The DJIA cut its early loss to finish down 79.40 points (-0.32%) at 24947.67 while the S&P 500 eased 4.11 points (-0.15%) to 2695. The NASDAQ managed to add 29.83 points (+0.42%) and closed at 7188.26.

Check the background of this firm/advisor on FINRA’s BrokerCheck.
Client Center