Day Traders Diary
The major averages finished modestly higher, but off the highs of the day as midday turnaround in the S&P 500 health care sector dragged many stocks lower. Shares of the largest healthcare provider, UnitedHealth opened 3.3% higher but quickly rolled over into negative territory. J&J was one of the few drug stocks to close in the green.
The S&P 500 financial sector closed up over a percent following earnings beats from BlackRock and Progressive.
BlackRock's CEO Larry Fink said he thinks stocks face a risk of "melt-up," and not a "meltdown," due to record amounts of money in cash. A steeper yield curve is considered a positive for lenders, as it drives the potential for an increase in net interest margins.
In late day trading, Qualcomm jumped 23% after settling a lawsuit with Apple regarding a royalty dispute and initiating a new six year contract with the tech titian.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.