Day Traders Diary
The major averages finished near the highs on Patriot's Day. The Dow Jones Industrial Average finished up 227 points, or 0.85% at 27,137, posting its first six-day winning streak since June. Wednesday's session also marked its first close above 27,000 since July 30. The Dow is now less than 1% from its all-time high reached July 16. The S&P 500 gained 0.7% to close at 3,000, its highest level since late July. The broad index also ended the day less than 1% from a record high set on July 26. The Nasdaq Composite climbed 1% to 8,169, its best close since July 31.
Apple led the averages higher, closing up 3.2%. The tech giant unveiled three new iPhones on Tuesday along with a new Apple Watch and a TV subscription service. Apple also showcased a gaming subscription called Apple Arcade and received a plethora of upgrades.
The continued rise in Treasury yields reflected some of the improved sentiment on Wall Street, as investors showed less interest for the safe-haven asset. The 2-yr yield increased one basis point to 1.67%, and the 10-yr yield increased three basis points to 1.73%. The U.S. Dollar Index advanced 0.3% to 98.62.
Energy was an underperformer as oil took a hit on reports that President Trump was in talks to ease sanctions on Iran. OPEC also downgraded its forecasts for oil demand in 2019 and 2020.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.