February 12, 2019

News that Congressional negotiators had reached an agreement to fund the government and avoid another shut down was greeted with a nice rally at the open that gained ground throughout the day nearly erasing all of the losses from the worst December in nearly 100 years. The agreement does provide some border funding.

The Dow opened +200

At the close:

  • DOW +372 to 25425
  • S&P +35 to 2745
  • NASDAQ +107 to 7415
  • OIL +.70 to 53.10
  • GOLD +3 to 1315

In corporate news shares of shares of Under Armour, up 18% for the year, were 4% higher after reporting sales and earnings that were above expectations.   Shares of mortgage computer software company Elli Mae jumped 20% on news they will be acquired by a private equity firm for $3.7B in cash.  Share of beauty company Coty, up 36% in the last 2 days gained another 12% today on news a private equity firm is raising their stake in the company to 60%.