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Stocks recovered from an early sell off to end the day positive

Written by By Mike “Mish” Shedlock's | 2019-01-10 23:48:59 GMT

But a late morning rally helped push stocks out of negative territory.

There was another pullback early afternoon with Fed Chair Jerome Powell talking at the Economic Club of Washington. Powell said that the Fed's balance sheet will be "substantially smaller" but also said that regarding rates, "we're in a place where we can be patient and flexible and wait and see what does evolve."

Around the same time, President Trump tweeted that he won't be attending the Davos World Economic Forum.

But after the dip, stocks turned on a dime at 1:45pm ET and finished the day with gains.

With today's finish, the major indices are off to the best start in 13 years. After being in a correction, the major indices have finished higher 5 out of 6 sessions in 2019.

Here's where the major indices ended the day:

  • The S&P finished with a  0.5% gain. Up 12 points, the S&P ended at 2,597.
  • The DOW ended higher by 0.5%. Adding 123 points, the DOW closed at 24,002.
  • The NASDAQ was up 0.4%. With a 29 point gain, the NASDAQ finished at 6,986.
  • Bitcoin finished lower by 9.4%. Down $375, Bitcoin ended at $3,615.

Crude Oil (CL) finished higher for the 9th day straight. Up 0.5%, CL ended at $52.62 a barrel.

Traders had to deal with some earnings warnings from Macy's (M) and American Airlines (AAL) today.

Although retailers had a great Black Friday, Macy's said that sales "weakened in the mid-December period and did not return to expected patterns until the week of Christmas." The stock finished the day with a 17.7% loss.

American Airlines said that fourth quarter revenue and numbers for 2018 will be lower than expected. The airline was down 11% this morning, but finished with a 4.1% loss.

On a positive note, Boeing (BA) got a nice boost today after a Morgan Stanley upgrade. With a 2.6% gain, Boeing led DOW stocks.

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By Mike “Mish” Shedlock's
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