Dow closes higher by 58 points but was up 300+ at the highs

Ouch!

The stocks opened sharply higher today on the back of the tax reform, but from the start there was a rotation out of techs to high cap stocks of the Dow. The banks also benefited.

The final numbers are showing:

  • The S&P down -2.78 points at 2639.44. The high reached 2665.19.
  • The Nasdaq tumbled -72.219 points to 6775.36. The high reached 6899.22. The close is 124 points from the day high
  • The Dow is ending up 58.46 points at 24,290.05. The high reached 24534.04.

Some numbers for some of the markets favorite stocks.

Banks rose:

  • JP Morgan rose 2.06%
  • Citigroup rose 2.11%

Chip stocks fell:

  • Nvidia fell -5.86%
  • Micron fell -4.98%
  • Intel fell -0.43%

FANGS

  • Facebook fell -2.07%
  • Amazon fell -2.44%
  • Netflix fell -1.49%
  • Google/Alphabet fell -1.29%

Media stocks outperformed on merger chatter:

  • Disney rose 4.72%
  • 21st Century Fox rose 2.8%
  • Viacom rose 2.75% and
  • Comcast rose 4.92%

Other noted names:

  • Microsoft fell -3.7%