Broader Market Back in Positive Territory for 2018
MARKET SUMMARY
U.S. markets rallied for the second-straight session to four-week peaks while clearing key technical hurdles in the process. Solid earnings results were more in focus as geopolitical and trade concerns eased. White House economic advisor, Larry Kudlow, said that the Chinese are offering a constructive reaction to the trade dispute which helped lift market spirits.
The Nasdaq showed the most strength after surging 1.7% while testing a high of 7,298 to easily clear its 50-day moving average. The Russell 2000 closed in positive territory for the sixth-time in seven sessions after rallying 1.1% while making a push just south of 1,583.
The S&P 500 was up 1.1% after trading to an intraday high of 2,713 and holding the 2,700 level into the close. The Dow jumped 0.9% after reaching a peak of 24,858 while closing in on the 25,000 level and prior mid-March support. Both indexes cleared their 50-day moving averages while regaining positive territory for the year.
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ANALYST UPGRADES / DOWNGRADES
Disney (DIS) upgraded to Hold from Sell at Pivotal Research
Coca-Cola (KO) upgraded to Neutral from Sell at Goldman Sachs
Twitter (TWTR) upgraded to Equal Weight from Underweight at Morgan Stanley
PepsiCo (PEP) downgraded to Sell from Neutral at Goldman Sachs
Bristol-Myers (BMY) downgraded to Equal Weight from Overweight at Morgan Stanley
WWE (WWE) downgraded to Neutral from Overweight at JPMorgan
EARNINGS
Wednesday’s earnings:
Before the open: Abbott Laboratories (ABT), Fred’s (FRED), Morgan Stanley (MS), QCR Holdings (QCRH), Texteon (TXT)
After the close: Alcoa (AA), American Express (AXP), BancorpSouth (BXS), Cohen & Steers (CNS), Eagle Bancorp (EGBN), Kinder Morgan (KMI), Pier 1 Imports (PIER), RLI (RLI), Steel Dynamics (STLD), Torchmark (TMK), United Rentals (URI), Valmont Industries (VMI)
UPCOMING ECONOMIC NEWS
Wednesday's economic reports (EST):
MBA Mortgage Applications - 7:00am
Beige Book - 2:00pm
METALS / OIL
Gold closed at $1,349.50 an ounce, down $1.20
Silver settled at $16.79 an ounce, up $0.11
Copper finished at $3.07 a pound, down $0.02
Crude Oil closed at $66.56 a barrel, up $0.34
Bitcoin Investment Trust (GBTC) settled at $12.43 down $0.75
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Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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