August 9, 2018

It was a quiet day of trading until accelerated selling in the final half hour sent the Dow near its low for the day. New all-time highs for Apple and Amazon had the tech heavy NASDAQ nicely higher most of the day and, despite the late selling, the index did manage to close in positive territory for a 7th consecutive day, the longest winning streak for that index this year.

At the close:

  • DOW -75 to 25509
  • S&P -4 to 2854
  • NASDAQ +3 to 7892
  • OIL -.25 to 66.70
  • GOLD unchanged at 1212

In corporate news shares of Stamps.com were 36% higher for the year but lost 3% today despite reporting better than expected revenue and net income on speculation the US Postal Service might revise or terminate their deal with the company.  The stock opened -13% but ended the day with a nice rally. Drug store chain Rite Aid, down 25% in the last 12 months, was 11% lower today after their merger agreement with Albertsons was terminated.  Jack in the Box gained 8% after reporting revenue and net income above estimates.