The major US stock indices are closing with gains in what was a volatile up-and-down session especially during and after Fed Powell Q&A session at the Economic Club in Washington.
Looking at the closing levels:
- Dow industrial average rose 265.67 points or +0.78% at 34156.68
- S&P rose 52.97 points or 1.29% at 4164.04
- Nasdaq index rose 226.33 points or 1.90% at 12113.78
For the major indices:
- The Dow traded as low as -256.93 points, and traded as high as +348.97 before settling at +265.67
- The S&P traders as lows as -22.68 points, and traded as high as +65.47 before settling at +52.92
- The Nasdaq traded as low as -50.67, and traded as high as +262.77 before settling at +226.33
The S&P traded above and below the 4100 level for the 2nd day in a row (that level was highs in December on two separate days rose 226.33 points or 1.99%), but is closing comfortably above that key barometer at 4164.00.
Microsoft was a big winner today and contributor to the indices moves higher. It rose $10.91 or 4.25%. It was the biggest winner in the Dow Industrial Average
Microsoft announced a new AI powered Bing search. AI is the latest and greatest as Adam has foreshadowed of late in his posts (and here too). The Microsoft news and market reaction is evidence of that. “AI” is the new “Bitcoin”.
Chipotle announced after the close:
- Revenues $2.18B vs $2.23B est.
- Adjusted EPS $8.29 vs $8.90 estimate
- Share are down over 5%